North Atlantic Ocean, it's in a cluster of islands located off the east coast of the United States.
When a product is elastic, a change in price quickly results in a change in the quantity demanded. When a good is inelastic, there is little change in the quantity of demand even with the change of the good's price. ... If the market price goes up, firms are likely to increase the number of goods they are willing to sell.
Specialization ensures that goods and services are produced by low-cost producers.
<h3>What is specialization?</h3>
It should be noted that specialization simply means the concentration of the production in a particular field.
In this case, specialization ensures that goods and services are produced by low-cost producers.
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