A firm is producing a joint product, Product A and Product B, with variable proportions. At its current production levels, the marginal benefit of producing Product A is $10 and the marginal cost is $8 and the marginal benefit of producing Product B is $2 and the marginal cost is $6. To maximize profits, the managers of the firm should produce ________ of Product A and ________ of Product B.

If a small country were to levy a tariff on its imports then this would

A) decrease the country's economic welfare. B) have no effect on that country's economic welfare. C) increase the country's economic welfare. D) change the terms of trade. E) raise prices on its exports in other countries.

Assume it is announced that a large number of new competitors have entered the market for mountain bikes, each offering a different model. Based on this information, this industry is best characterized as:

A) perfectly competitive. B) a monopoly. C) monopolistically competitive. D) an oligopoly.