Refer to the above table. Assuming constant opportunity costs, the opportunity cost of producing a computer in the United States is ________ while the opportunity cost of producing a computer in Mexico is ________
A) 0.8 bicycle; 2 computers
B) 2.5 computers; 0.25 bicycle
C) 0.5 bicycle; 0.2 bicycle
D) 2 bicycles; 5 bicycles
C
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Consumers ________ from a tariff because they pay a ________ price to producers so they purchase a ________ quantity of the good
A) lose; lower; smaller B) win; lower; larger C) win; higher; smaller D) lose; higher; smaller E) lose; higher; larger
In long-run equilibrium, a perfectly competitive firm produces the output level that minimizes average total cost
a. True b. False Indicate whether the statement is true or false
Holding labor demand constant, a leftward shift of the labor supply curve leads to a shortage in the labor market
a. True b. False Indicate whether the statement is true or false
Which is most clearly a variable cost?
A. Rent B. Wages of Production Workers C. Salaries of employees under long-term contract D. Interest payments