Optimal decisions are made in the marketplace if information about prices and ma

Question

Optimal decisions are made in the marketplace if information about prices and marginal utilities is known. when marginal utility is minimized. at the margin. If Japanese workers are more productive than French workers, then trade between Japan and France can take place only if France has an absolute advantage in producing a good or service Japanese buyers want. cannot take place because Japanese goods and services will be less expensive than French goods and services. cannot take place until French workers become more productive. will take place so long as each country has a comparative advantage in a good or service that buyers in the other country want. According to the Department of Agriculture, net farm income will grow to a record high of $120.6 billion in 2013, up from the previous high mark in 2011 and after adjusting for inflation, its second highest level since 1973. Net cash income, however, is expected to fall by 10 percent due to unsold inventories. Exports of chickens and milk are expected to rise by 3 percent and 17 percent, respectively. All else equal, the increase in demand for chicken and milk exports will the market prices for these exports and economic profit in these markets increase; decrease decrease; increase increase; increase decrease; decrease Marginal utility can be negative zero. positive. positive, negative or zero. Maximizing the level of output for a given total cost of production is equivalent to producing the profit maximizing output level. is equivalent to minimizing cost for a given level of output. necessitates using only relatively low-priced inputs. will maximize total revenue.

Explanation / Answer

AS q 19 is already answer

i will take q 20.

answer : d. will take place so long as each country has a comparative advantage in a good or service thatbuyers in the other country want

as comparative advantage is the key of trade among two countries

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