Suppose Iceland goes from being an isolated country to being an importer of coats. As a result,
a. consumer surplus increases for consumers of coats in Iceland.
b. producer surplus increases for producers of coats in Iceland.
c. total surplus remains unchanged in the coat market in Iceland.
d. it is reasonable to infer that Iceland has a comparative advantage over other countries in coat production.
a
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Icy Treats is a large Italian ice dessert chain with franchises located throughout the United States. Icy Treats' advertising ________ promote the benefits of eating Icy Treats' icees and ________ highlight an individual Icy Treats location in Asheville, North Carolina.
A) will; will not B) will not; will not C) will not; will D) will; will
Suppose a quota on foreign-made automobiles is proposed in Congress. Which of the following groups is most likely to oppose the bill?
a. American Automobiles Manufacturers. b. Consumers. c. American Steel Workers. d. United Auto Workers.
Describe some of the steps used to combat inflation. What are their side effects?
What will be an ideal response?
Refer to the data provided in Table 9.3 below to answer the following question(s). Table 9.3qTFCTVCTCMCAVCATC0$100 $0$100 ---- -- 1100401404040 140 21006016020 30 80 31009019030 30 63.334100124 224 343156 5100180 280 56 36 56 6100 264 364 84 44 60.677100 372 472 108 53.14 67.43Refer to Table 9.3. If the market price is $84, then this firm will maximize profits by producing ________ unit(s) of output and its profits will be ________.
A. six; $240 B. six; $140 C. seven; $116 D. five; $140