Refer to the figure above. What is the total surplus before Lithasia opens up to free trade?

A) $10
B) $20
C) $30
D) $40

C

Economics

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A firm's long-run average cost curve is

A) the locus of points representing the minimum unit cost of producing any given rate of output when all inputs may be adjusted. B) the locus of points made up of the minimum point on each short-run average total cost curve when only one input may be adjusted. C) the envelope of the firm's variable cost curves. D) identical to the lowest short-run average cost curve the firm has.

Economics

Assuming that the United States is the domestic economy, ________ are goods and services produced by ________ and purchased by ________

A) exports; foreign countries; the United States B) exports; the United States; the United States C) imports; foreign countries; foreign countries D) imports; foreign countries; the United States

Economics