Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. Mike's opportunity cost of producing one pound of cheese is ________ car(s).

When a good is taxed, the tax burden a. falls disproportionately on the side of the market that is more elastic

b. falls disproportionately on the side of the market that is more inelastic. c. falls disproportionately on the side of the market that is closer to unit elastic. d. is not impacted by the relative elasticities of supply and demand.

Suppose Country A, a labor-abundant country, produces only wheat and cloth. The following equations illustrate the prices and costs of wheat and cloth in the country. The numbers indicate the amounts of labor and land needed to produce a unit of wheat and cloth. 'W' is the wage rate and 'r' is the rental rate of land.Price of wheat = 1w + 2rPrice of cloth = 2w + 1rSuppose Country A engages in free trade and the price of cloth increases from $3 per unit to $4 per unit. The price of wheat remains unchanged at $3 per unit. The wage rate and the rental rate change to ________ and ________, respectively.

A. $4/7; $5/7 B. $1; $5/3 C. $5/3; $2/3 D. $3/2; $1