What Is NOT a Benefit from Trade

question 199

Multiple Choice

What is NOT a benefit from trade?

• A) the ability to specialize
• B) a greater variety of goods and services becoming available
• C) less competition
• D) lower prices

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Definitions:

Elastic

Describes a scenario where a small change in price leads to a large change in quantity demanded or supplied.

Inelastic

describes a situation where the demand or supply for a good is not significantly affected by changes in price.

Relatively Elastic

Describes a situation where demand for a product is sensitive to changes in its price, meaning consumers will significantly reduce or increase their demand based on price changes.

Sensitive

Responsive or easily affected by external conditions or stimuli.