Which of the Following Factors Would Not Contribute to Increasing

question 81

Multiple Choice

Which of the following factors would not contribute to increasing an existing comparative advantage?

• A) Productivity improvements from greater experience.
• B) Less time lost by switching tasks.
• C) Import restrictions.
• D) Efficiency improvements due to learning.

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Definitions:

Economic Profits

Profits earned by a firm or individual in excess of the opportunity costs of all resources used to generate those profits, representing returns beyond the normal profit level.

Pure Competition

A market structure characterized by a large number of small firms, a homogeneous product, perfect information, and easy entry and exit from the market.

Monopoly

A market structure characterized by a single seller offering a unique product or service, with significant barriers to entry for potential competitors.

Price

The financial requisition expected, imposed, or presented for something.