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8 months ago

What is the difference between comparative advantage and absolute advantage?

Business

1 answer:

goldenfox [79]8 months ago

6 0

Answer:

Absolute Advantage: The ability of an actor to produce more of a good or service than a competitor.

Comparative Advantage: The ability of an actor to produce a good or service for a lower opportunity cost than a competitor.

Explanation:

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A perfectly competitive industry achieves allocative efficiency in the long run. What does allocative efficiency mean? A. Each

Sedaia [141]

Answer: B. Each firm produces up to the point where the price of the good equals the marginal cost of producing the last unit.

Explanation:

Allocative efficiency means that the point chosen on the production possibility frontier is socially preferred.

In a perfectly competitive market, allocative efficency is achieved at the point where price equals the marginal cost of production. At this price producer and consumer surplus is maximised.

6 0

3 years ago

Which is the best strategy for improving an essay that contains too many short sentences?

Airida [17]

By using words like "and, but, and or" you can connect two sentences or thoughts.

8 0

2 years ago

Calculating Standard Quantities for Actual Production Guillermo's Oil and Lube Company is a service company that offers oil chan

vova2212 [387]

Answer:

Number of quarts for 960 oil changes= 6,144 quarts

No of hours for 960 oil changes = 432 hours

Number of quarts for 950 oil changes=6,080 quarts

No of hours for 950 oil changes= 427.5 hours

Explanation:

Guillermo's Oil and Lube Company

1.Number of quarts for 1 oil change = 6.4 quarts of oil

Number of quarts for 960 oil changes= 6.4 quarts of oil *960= 6,144 quarts

2. Number of minutes for 1 oil change = 27 minutes

Number of minutes for 960 oil changes = 27 minutes*960= 25920 minutes

No of hours for 960 oil changes = 25920/60= 432 hours

3.Number of quarts for 1 oil change = 6.4 quarts of oil

Number of quarts for 950 oil changes= 6.4 quarts of oil *950= 6,080 quarts

Number of minutes for 1 oil change = 27 minutes

Number of minutes for 950 oil changes = 27 minutes*950= 25650 minutes

No of hours for 950 oil changes= 25650/60= 427.5 hours

5 0

2 years ago

After several United Airlines flights were canceled because of bad weather, reservation clerks had to scramble to get passengers

ivann1987 [24]

After several United Airlines flights were canceled because of bad weather, reservation clerks had to scramble to get passengers rerouted to their destinations on other flights and/or airlines. This is primarily an example of adaptive task performance. This is further explained below.

<h3>What is adaptive task performance.?</h3>

Generally, The capacity of a person to adjust to quickly changing work settings is what is meant by "adaptive performance." Problems can be solved imaginatively, ambiguity can be managed, new tasks can be learned, adaptation in interpersonal relationships can be shown, and emergencies can be handled. These are all aspects of adaptive performance.

In conclusion, Because of the inclement weather, numerous flights operated by United Airlines had to be canceled, and reservation clerks had to work quickly to rebook customers on other flights and/or airlines so that they could reach their final destinations. First and foremost, this is an illustration of adaptable task performance.

Read more about adaptive task performance.

brainly.com/question/14287992

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4 0

1 year ago

eall Corporation has a standard cost system in which it applies manufacturing overhead to products on the basis of standard mach

Paladinen [302]

Answer:

$6,000 unfavorable

Explanation:

The fixed manufacturing overhead budget for the month is the difference between budgeted fixed manufacturing overhead cost minus actual fixed manufacturing overhead cost represented below;

Fixed manufacturing overhead budget = Budgeted fixed manufacturing overhead cost - Actual fixed manufacturing overhead cost

= $70,000 - $76,000

= $6,000 unfavorable

It is unfavorable since the actual overhead cost expended is more than the budgeted cost.

4 0

3 years ago