Refer to Table 7-6. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many swords will Morocco consume?

For a regulated natural monopoly, the marginal cost pricing rule is a rule that sets price ________ marginal cost and achieves an ________ amount of output

A) equal to; efficient B) above; inefficient C) below; efficient D) equal to; inefficient E) above; efficient

Which is the best example of a firm's implicit costs?

A) wages B) the opportunity cost of owner-provided labor C) rent D) taxes