Question state whether each of the following statements is, Ask an Expert

Economics

Question: State whether each of the following statements is true or false and explain why. Be concise in your answer.

1. It is possible for a firm to have an absolute advantage in producing a good without having a comparative advantage in producing that good.

2. When demand shifts to the right, equilibrium price increases which causes supply to shift right.

3. When supply decreases, a shortage is initially created. In response, prices will begin to fall until a new equilibrium is reached.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92582573

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