Answer:
(a) 3 pounds of shrimp
(b) 5 pounds of shrimp
Explanation:
Opportunity costs refers to the costs or benefits that are foregone to select some other alternative.
Vietnam can produce 180,000 pounds of shrimp or 60,000 pounds of rice in a year:
Opportunity cost of producing one pound of rice = 180,000 ÷ 60,000
= 3 pounds of shrimp
Ecuador can produce 130,000 pounds of shrimp or 26,000 pounds of rice in a year:
Opportunity cost of producing one pound of rice = 130,000 ÷ 26,000
= 5 pounds of shrimp
Therefore,
According to the principle of comparative advantage, the Vietnam has a comparative advantage in producing rice because it has a opportunity cost of producing rice than Ecuador.
C is the 100% correct answer but D seems a little corect as well.
Answer:
Pure competition
Explanation:
Pure competition is a market structure characterized by many competitors selling similar products. Due to the high competition, market forces dertermine prices. Pure competition is also referred to as perfect competition. The other features of pure competition include.
- There many buyers and many sellers who have access to market information
- There are barriers no entry and exit in the market
- Firms sell homogeneous products
- Firms cannot influence the market price. Firms are price takers.
- The units of production such are homogeneous and are freely moving.
I think the answer would be A. It definitely would not be B or C and D seems kind of rude so I think that A. would be the most courteous and kind. Hope this is helpful for you! :)
In most cases, countries use tariffs to reduce foreign competition, but tariffs are also used to increase the demand of locally produced goods and services which further leads to increment in government revenue.
When countries impose tariffs, people get less attractive towards imported goods and services which pushes them towards domestic goods and services. This strategy increases the sale and purchase of locally produced goods and services which helps in enhancing the life of locals of country and also help in discarding the poverty.
Whenever domestic products or services purchased it also raises government revenue which is further used for benefit of local people and building nation which in whole level pushes the growth of entire country.
Read more about government revenue here
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