The average cost tells a firm whether it can earn profits given the price market. The average cost will allow a firm to see what their cost of inventory is and compare it to similar goods within their inventory and on the market. This will also enable them to set a product price to be sold to a customer and make a profit.
Alan’s country would have a trade deficit.
Barry’s country would have a trade surplus.
<u>Explanation:</u>
A trade deficiency happens when a nation's imports surpass its fares during a given time span. An exchange shortfall speaks to a surge of household cash to outside business sectors. It is likewise alluded to as a negative equalization of exchange (BOT). Exchange Deficit = Total Value of Imports – Total Value of Exports.
At the point when the estimation of a nation's fares surpasses the estimation of its imports, the subsequent positive amount is known as the trade surplus for the country.
Specialization in production will increase output.
As any specialization in production will be achieved by specialized labor or technology, both the factor will produce per unit time and gives a comparative advantage.
Specialization is a production method that focuses on the production of a limited range of goods for a company to achieve a higher level of efficiency.
The more they focus on their work, the more efficient they are in that work. This means less time and money is spent producing goods. In other words, you can produce more goods in the same amount of time and money.
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Answer: Factor endowments
Explanation:
Factor endowment is amount of land, capital, labor, and entrepreneurship that is possessed by a country and which the country can use for production purpose.
Therefore, Attributes of a company's competitive advantage, including land, capital, technological knowhow, and physical infrastructure, are factor endowments.