Answer
The answer and procedures of the exercise are attached in the following 4 images.
Explanation
Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in the following 4 images.
Answer:
C) perfect competition
This can be considered a situation where perfect competition exists since there are many firms operating in the market (no company can set the price of the product), which sell identical products (or very similar products) and the entry barriers are not significant nor hard to overcome (only some basic food safety regulations).
Test Marketing E
Explanation:
Its not development or concept testing and pretesting would be like a survey and product launch it hasn't fulled launched yet so its test marketing to see if its good enough to launch in US its also selective stores E
Answer: b. International trade allows a country to specialize in items that can be produced most efficiently in that country.
Explanation:
Adam Smith with his Absolute Advantage theory, David Ricardo and his Comparative Advantage theory and the Heckscher-Ohlin theories believed that goods should be purchased from Countries that are more efficient in producing said goods so that the resources in the buying country can be channelled towards producing the good that the country can produce efficiently as well.
They believe this to be the foundation of global trade and that each country stands to gain if they buy the goods they are less efficient at producing and sell the goods that they are more efficient at producing. This way resources are properly channelled in an Economy and both countries involved in the trade can achieve high Economic growth as they are utilising their resources efficiently.
