If using the same resources, the U.S. workers can produce more of any good than Mexican workers, then the United States should produce every good

The above figure shows Bob's utility function. He currently has $100 of wealth, but there is a 50% chance that it could all be stolen. Bob is risk averse because

A) his utility function is concave. B) he has diminishing marginal utility of wealth. C) he is willing to pay a premium to avoid a risky situation. D) All of the above.

Suppose that firms in a competitive industry are earning positive economic profits. All else equal, in the long run, we would expect the number of firms in the industry to

a. increase. b. decrease. c. remain the same. d. We do not have enough information with which to answer this question.