Suppose the market is perfectly competitive. Equilibrium market price and output

Question

Suppose the market is perfectly competitive. Equilibrium market price and output will be A. P_1,X_2 B. P_2, X_3 C. P_3,X_1 D. P_1, X_4 E. P_3, X_2 3. Now suppose the same market is monopolized. Equilibrium market price and output would be A. P_3,X_1 B. P_3,X_2 C. P_2,X_3 D. P_1,X_2 E. P_1,X_4 If with one unit of labor the U.S. can produce 20 units of computer software and 10 units of computer hardware and Chine can produce 5 units of software and 5 units of hardware then B. China has a comparative and absolute advantage in both goods. C. China has a comparative advantage in hardware and the U.S. has a comparative advantage in D. the United States has a comparative advantage in both goods.

Explanation / Answer

(1) The correct answer is option (A)

(2) The correct answer is option (A)

(3) The correct answer is option (A)

(4) The correct answer is option (A)

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