________: ability of a nation to specialize in the production of the good for which it has the lowest opportunity cost

Refer to Figure 5-4. What is the deadweight loss from producing at the market equilibrium?

A) area D B) area E C) area C D) area F

Suppose that nineteenth-century politicians had succeeded in their attempt to impose a “single tax”—a tax on suppliers of land (i.e., landlords). Most of the economic burden of the tax would have been borne by

A. renters, because the demand for land is generally less elastic than its supply. B. renters, because the demand for land is generally more elastic than its supply. C. landlords, because the demand for land is generally less elastic than its supply. D. landlords, because the demand for land is generally more elastic than its supply.