Huey and Steve can grow potatoes or tomatoes. The table above shows the pounds of potatoes and tomatoes Huey and Steve can grow in a week. Based on the table, Huey's opportunity cost of producing one pound of tomatoes is
A) 1.5 pounds of potatoes.
B) 0.66 pound of potatoes.
C) 0, because he has an absolute advantage in it.
D) 0, because he has a comparative advantage in it.
E) 1.0 pound of potatoes.
A
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Which of the following statements is TRUE about the price that a monopolist charges?
A) The price is the same as the price that would be charged if there was perfect competition. B) The difference between the price charged by a monopolist and a perfect competitor is due to differences in costs. C) The value that society places on the last unit produced in a monopoly is greater than its cost. D) Too much of the good is being produced in a competitive market and not enough is being produced in a monopoly. Due to the way that prices are set.
Based on the rule of 72, it would require 18 years for an economy to double its real output if the annual growth rate was 4%
a. True b. False Indicate whether the statement is true or false
Bobby's neighbor is growing a tree that is blocking Bobby's ocean view. Bobby is considering taking his neighbor to court. To Bobby, the tree represents a(n)
a. unclear property right b. public good c. free-rider good d. positive externality e. negative externality
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 $34, then in the long run the firm will
A. operate and expand. B. operate but not expand. C. shut down, but not go out of business. D. go out of business.