Examlex
Consider a nation that has a comparative advantage in the production of goods using unskilled labor.What types of workers will benefit from increased trade,and what type will lose?
Monopoly
A market structure characterized by a single seller, selling a unique product in the market without any close substitutes.
Price Taker
A market participant that accepts market prices as given and has no influence to alter the price of the good or service.
Buyer
A person or organization that purchases goods or services.
Law Of Demand
The economic principle stating that, all else being equal, as the price of a good or service decreases, consumer demand for it will increase, and vice versa.
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