The following economy produces two products.ProductsProduction Possibilities?ABCDEFSteel012345Wheat100907555300Refer to the above table. The marginal opportunity cost of the third unit of steel is:
A. 10 units of wheat.
B. 15 units of wheat.
C. 30 units of wheat.
D. 20 units of wheat.
Answer: D
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Quick Buck and Pushy Sales produce and sell identical products and face zero marginal and average cost. Below is the market demand curve for their product. 
Suppose Quick Buck and Pushy Sales decide to collude and work together as a monopolist with each firm producing half the quantity demanded by the market at the monopoly price. If Quick Buck cheats by reducing its price to $1 while Pushy Sales continues to comply with the collusive agreement, then Quick Buck's economic profit will be ________.
A. $2,000 B. $4,000 C. $6,000 D. $3,000
An unhealthy person would likely choose a medical insurance policy with a
a. low premium and a high deductible. b. high premium and a high deductible. c. high premium and no deductible. d. The unhealthy person would choose not to be insured.
Studies in the last 30 years have shown that in highly concentrated industries __________ are seldom lowered, while similar studies of labor unions indicate that _________ cuts are seldom accepted.
Fill in the blank(s) with the appropriate word(s).
The United States would have an absolute advantage compared to Canada in the production of wheat if
A. the United States uses fewer resources to produce wheat than Canada does. B. wheat sells for a higher price in the United States than in Canada. C. the demand for wheat is higher in the United States than in Canada.the United States. D. wheat can be produced at lower cost in terms of other goods than it could be in Canada.