A Country Has a Comparative Advantage in a Product If

question 164

Short Answer

A country has a comparative advantage in a product if the world price is _____ than that country's domestic price without trade.

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Definitions:

Tacit Collusive Equilibrium

A situation in oligopolistic markets where firms implicitly reach an understanding to keep prices stable and restrain competition without explicit agreement.

Tit-For-Tat Strategy

A strategy in game theory where a player responds to an opponent’s action with similar action, typically used in the context of cooperative and competitive interactions.

Cable TV Market

A sector of the media industry that provides television programs to consumers via coaxial or fiber-optic cables.

Trusts

Trusts are legal arrangements through which assets are held by a trustee for the benefit of others, used for estate planning, to manage assets, and sometimes to reduce tax liabilities.