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Kisachek [45]
3 years ago
6

Which of the following BEST defines absolute advantage in terms of

History
1 answer:
True [87]3 years ago
6 0

Answer:

When a nation can produce a good or service more efficiently than any other nation.

Explanation:

Absolute advantage is the ability to produce a greater quantity of a good or service more efficiently. This translates into a better use of inputs per unit of time, or with a lesser quantity of inputs than another producer (country, company)

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If papyrus couldn’t last a long time it Egypt’s dry environment, how would that have affected our understanding of ancient Egypt
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Explanation:

much of the knowledge written on them may have disappeared

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What economic relationship did the American Colonies have with England?
iragen [17]

Answer:

c. A Captive Market

Explanation:

A captive market can be defined as a type of market in which the consumers or potential customers are only able to buy (purchase) what is made available to them due to the limited number of competitive suppliers (wholesalers or suppliers) in the market.

This ultimately implies that, in a captive market, the choice of the consumers is very limited and as such they can only buy goods or services that are made available by the supplier. Therefore, a captive market is characterized by oligopoly or monopoly and as a result of this, the price of goods and services are generally higher with minimal choice for the consumers.

Hence, the economic relationship the American Colonies had with England is known as a captive market.

In the 16th century, the American Colonies was typically a captive market for Great Britain as a raw materials such as lumber, rice, fish, or tobacco in exchange for sugar and slaves.

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3 years ago
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5 0
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