Questions and Answers
Which term describes a situation when a country can produce and sell a product at a lower cost than any other country or when it is the only country that can produce the product?
Comparative advantage
What is the term for a situation where a country has the exclusive control over the production and distribution of a certain product?
Monopoly
Which term refers to the barriers imposed by a country to restrict or limit the import of goods from other countries?
Tariff
