what is a key factor that determines a firm's profitability?
A differentiation of a firm's product from other products
B factors affecting a firm's entire market
C a firm's average cost of production relative to that of competing firms
D chance events
E all of the above
economic theory suggests countries benefit from international trade by producing more of those good and services for which they have a comparative advantage (and less of that for which a country does not have a comparative advantage). However, countries rarely specialize completely, why?
even with international trade, countries rarely specialize completely because
A, all goods and services can be traded internationally
B, some countries would lose as a result of free trade
C, consumers in different countries have homogeneous tastes
D, some countries do not have an absolute advantege producing anything
E, production of most goods involves increasing opportunity costs.
what is a key factor that determines a firm's profitability?
A differentiation of a firm's product from other products
B factors affecting a firm's entire market
C a firm's average cost of production relative to that of competing firms
D chance events
E all of the above
economic theory suggests countries benefit from international trade by producing more of those good and services for which they have a comparative advantage (and less of that for which a country does not have a comparative advantage). However, countries rarely specialize completely, why?
even with international trade, countries rarely specialize completely because
A, all goods and services can be traded internationally
B, some countries would lose as a result of free trade
C, consumers in different countries have homogeneous tastes
D, some countries do not have an absolute advantege producing anything
E, production of most goods involves increasing opportunity costs.
