Let's assume producers in Canada can make 200 units of beef or 50 units of oranges, and U.S. producers can make 50 units of beef or 200 units of oranges per time period. Producers in which nation have an incentive to specialize in beef production?
A) The U.S.
B) Canada
C) Both of the above have an incentive to specialize in beef production.
D) Neither of the above have an incentive to specialize in beef production.
B
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If a 20 percent increase in the price of a used car results in a 10 percent decrease in the quantity of used cars demanded, then the demand for used cars is
A) elastic. B) inelastic. C) unit elastic. D) arc elastic.
Some colleges now offer massive open online courses (MOOCs), where students do not need to be in the same classroom as their instructors
The fixed cost of an online course is relatively ________, but after the courses are placed online, the marginal cost of providing instruction to an additional student is ________. A) high; low B) high; high C) low; high D) low; low