Canada Is Currently the Second Largest Producer of Nickel in the World.The

question 66

Multiple Choice

Canada is currently the second largest producer of nickel in the world.The reopening of the world famous Voisey's Bay mine, which has total resources estimated at 124 million tons of nickel-bearing ore, should give Canada a clear:

• A)total advantage
• B)advantageous competency
• C)absolute advantage
• D)core strength
• E)comparative advantage

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Definitions:

Consumer Surplus

The economic benefit derived by consumers from being able to purchase a product for a price that is less than the maximum price they are willing to pay.

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, resulting in a stable market condition.

Price Floor

A government- or authority-imposed minimum price that can be charged for a product or service, often above the equilibrium price.

Network Externality

A situation where the value of a product or service increases as more people use it.