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a situation in which one nation can produce a product or service at a lower opportunity cost than another nation is known as?
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What does Canada produce in comparative advantage?
Lumber for one... wheat. There are many. Simply think of what products or services Canada has a low-cost for. In other words, if the product has a low opportunity cost to another product, then chances are that country will export or "produce" in comparative advantage.
What is law of increasing opportunity cost?
The law of increasing opportunity costs states that as production of a product increases, the cost to produce an additional unit of that product increases as well. (Some resources are specialized to only effeciently produce one product so using those specialized resources on a different product is inefficient)
What is marginal opportunity cost?
first and foremost,to ecomists,'marginal' means "extra","additional",or'a change in'.so marginal opportunity cost means additional or extra amount of other goods that must be foregone or sacrifised to produce an extra unit of another product
What does increasing marginal opportunity cost mean?
As we decide to choose more units of anything, the opportunity cost of each additional unit will rise. This means that the opportunity cost of the second unit will be greater than that of the first unit. The opportunity cost of the third unit will be greater than that of the second unit. And so forththe law of opportunity cost states that the more of a product that is produced,the greater is its opportunity cost,hence increasing marginal opportunity cost in simple terms refers to an extra or additional opportunity cost of foregoing other products to produce a unit of another product
Why are there always opportunity costs when we shift from making one product to another?
some resources are better suited for use in making the first product.
What does Canada produce in comparative advantage?
Lumber for one... wheat. There are many. Simply think of what products or services Canada has a low-cost for. In other words, if the product has a low opportunity cost to another product, then chances are that country will export or "produce" in comparative advantage.
What is law of increasing opportunity cost?
The law of increasing opportunity costs states that as production of a product increases, the cost to produce an additional unit of that product increases as well. (Some resources are specialized to only effeciently produce one product so using those specialized resources on a different product is inefficient)
What is a formation of an egg?
To produce another product
What is marginal opportunity?
first and foremost,to ecomists,'marginal' means "extra","additional",or'a change in'.so marginal opportunity cost means additional or extra amount of other goods that must be foregone or sacrifised to produce an extra unit of another product
What is marginal opportunity cost?
first and foremost,to ecomists,'marginal' means "extra","additional",or'a change in'.so marginal opportunity cost means additional or extra amount of other goods that must be foregone or sacrifised to produce an extra unit of another product
What does increasing marginal opportunity cost mean?
As we decide to choose more units of anything, the opportunity cost of each additional unit will rise. This means that the opportunity cost of the second unit will be greater than that of the first unit. The opportunity cost of the third unit will be greater than that of the second unit. And so forththe law of opportunity cost states that the more of a product that is produced,the greater is its opportunity cost,hence increasing marginal opportunity cost in simple terms refers to an extra or additional opportunity cost of foregoing other products to produce a unit of another product
Why are there always opportunity when we shift from making one product to another?
some resources are better suited for use in making the first product.
What is one of two numbers whose product is?
Multiplicand is a number that is to be multiplied by another number to produce a product.
Why are there always opportunity costs when we shift from making one product to another?
some resources are better suited for use in making the first product.
Why are there always opportunity costs when shift from making one product to another?
some resources are better suited for use in making the first product.
A nation is said to have a comparative advantage when it is able to?
produce a product at a lower price than other nations.
When one country can produce a product more cheaply than another country. what can this be called?
When one country can produce a product more cheaply than another country this is called comparative advantage. When one country can produce more goods than another using an equal amount of resources, this is called absolute advantage.
