The accompanying table represents the quantity produced, the total revenue, and the total cost of a firm operating in a perfectly competitive market. Use this table to answer this question: When profits are maximized, profits are equal to - Quantity Total Revenue Total Cost 0 $0 $4 1 $10 $9 2 $20 $16 3 $30 $25 4 $40 $37 $2 $10 O $9 $5 O $3

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.