Considering the situation described above, if country A has a comparative advantage in producing good X over country B, then: <u>the domestic opportunity cost of producing X in country A is lower than in country B.</u>
<h3>What is Opportunity Cost?</h3>
Opportunity cost is often used in economics to describe the profit lost when one choice or option is taken over another.
<h3>What is Comparative Advantage?</h3>
Comparative Advantage is the term used to describe the economy's capacity to produce a specific good or service at a lower opportunity cost than its trading competitors.
Therefore, given that country A has a comparative advantage in producing good X over country B, this equates to country A having a lower opportunity cost than country B.
Hence, in this case, it is concluded that the correct answer is option C.
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Answer:
usually, a useful consideration that is needed to aid a contract may be either a loss to the promisee or a benefit to the promisor. The loss to the promisee usually may come in form of his own doing by involvement in illegal dealings. Douros did what or was involved in what he was not expected to do legally by revealing the location of the property and the owner's name. This leads legal consideration and also the courts will hardly take a peep/ look at the adequacy of the consideration.
Explanation:
Answer:
The standard labor hours = $2,340
Explanation:
Standard (Budgeted) production volume = 1000 trivets
Standard direct labor hours = 2,600
This means that:
1000 Trivets = 2,600 hours
∴ 1 Trivet = 2,600 ÷ 1,000 = 2.6 hours
Therefore, standard hours for 1 Trivet = 2.6 hours
Actual production volume in May = 900 units
Since we know the standard labor hours for production of 1 Trivet, the standard hours allowed in May is calculated as follows:
1 Trivet = 2.6 hours
∴ 900 Trivets = 2.6 × 900 = 2,340 hours
∴