The opportunity cost of manufacturing televisions is lower in country a.Opportunity cost, which is the gain a person, business, or government will have to forfeit when they pick one choice over another, is essential to the notion of comparative advantage.
Comparative advantage in economics refers to the ability of a nation to generate goods or services at a lower opportunity cost than rivals.In his work "The Principles of Political Economy and Taxation," David Ricardo introduced the concept of comparative advantage (1817). If country a has a lower opportunity cost for producing televisions than country b, then country a has a comparative advantage over b in the production of television.Even if another country has an absolute advantage in producing all items, a country with a comparative advantage can create a good at a lower opportunity cost. Say, for illustration, that a nation could only create three different kinds of goods.X, Y, and Z are the products.
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Answer:
<u>C) quantity supplied is greater than the quantity demanded.</u>
<u>Explanation:</u>
We need not be confused, <em>the market-clearing price is referring to the equilibrium price. </em>Thus, if the current price is above the market-clearing price (that is, the price at which quantity demanded equals quantity supplied), it means the <u>quantity supplied</u> is <em>greater</em> than the<u> quantity demanded</u> of the item.
For example, at a price of $1 per orange, there's an equal amount in quantity demanded and quantity supplied of orange. However, the price increases to $2 per orange; which makes the current price of an orange greater than the market-clearing price of $1.
5.55 years
I/Y: 8.5
PV: 899000
PMT: -210000
FV:0
Answer:
The correct answer is: regulatory review, Executive Office of the President
Explanation:
In the US this refers to the processes used by Congress, the president and the courts to oversee the rules, regulations and other policies issued by federal agencies. The regulatory review may involve an examination of the content or effect of a rule, its estimated economic costs and benefits, or the adherence of the rule and the regulatory agency to the procedural requirements. The retrospective regulatory review, a type of regulatory review, is used to determine whether existing regulations should be retained, modified or repealed.
