In which situation does one country have an absolute advantage over another country? a - workers earn higher wages b - infrastructure is more advanced c - government charges lower taxes d - production costs are lower

Which of the following statements best reflects a price-taking firm? price-taking firms maximize profits by charging a price above marginal cost. the firm can sell only a limited amount of output at the market price before the market price will fall. if the firm were to charge more than the going price, it would sell none of its goods. the firm has an incentive to charge less than the market price to earn higher revenue.