Examlex
Poland requires 4 hours of labor to produce 1 ton of coal and 1 hour of labor to produce a bushel of wheat. The Czech Republic requires 6 hours of labor to produce 1 ton of coal and 1 hour of labor to produce a bushel of wheat. Which country has a comparative advantage in the production of coal?
Equilibrium Price
The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, leading to market stability.
Equilibrium Quantity
The amount of goods or services that are bought and sold at the equilibrium price, where market demand meets market supply.
Consumer Surplus
The discrepancy between the total sum consumers are prepared and able to spend on a good or service and what they ultimately pay.
Equilibrium Price
The market price at which the quantity of goods supplied equals the quantity of goods demanded.
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