What Should a Country Do If It Has a Comparative

question 22

Multiple Choice

What should a country do if it has a comparative advantage in a product?

• A) It should import that product.
• B) It should export that product.
• C) It should keep the product for domestic use since it is relatively inexpensive to produce.
• D) It should lower the costs of production until realizing an absolute advantage.

Analyze the effect of cost structures on firms' profitability in a Cournot duopoly.

Apply the Cournot model to various market scenarios and demand functions.

Utilize demand and cost functions to determine firms' profit-maximizing output levels.

Evaluate the impact of external factors, such as import bans, on duopolistic markets.

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