To an economist, ________ is anything that is generally accepted in payment for goods and services or in the repayment of debt

Refer to above figure. Two countries exist in this model, P and R. P is relatively labor (L) abundant, as is evident in the bottom right horizontal axis

If Country P were to be completely specialized in the labor-intensive product, C, it would be producing at point 4. In fact, it produces both C and P, at point 5. The (autarky) relative price of C (in terms of F) of Country P is at point 3; and of Country R at point 1. If trade were to open up between these two countries, which would export C and which would export F? Is this consistent with the Heckscher-Ohlin model? Explain.

A noncooperative game would refer to a situation in which oligopoly firms

A) are too small to be interdependent. B) do not engage in collusive behavior together. C) are made worse off by their actions. D) behave as a joint monopoly.