If there are ten plants producing the total domestic consumption of the product and each plant is operating at minimum efficient scale, then each plant accounts for what percentage of domestic consumption?

On a typical acre of land, Iowa can produce either 300 pounds of beef or 100 pounds of soybeans in a year. On a typical acre of land, Nebraska can produce 150 pounds of beef or 200 pounds of soybeans. Which of the following is correct?

A) Nebraska should produce soybeans because its opportunity cost of soybeans is lower. B) Iowa should produce soybeans because its opportunity cost of soybeans is higher. C) Iowa should produce soybeans because its opportunity cost of soybeans is lower. D) Nebraska and Iowa should divide each acre evenly between soybean and beef production. E) Nebraska should produce soybeans because its opportunity cost of soybeans is higher.

The demand for Nike shoes is _________________ than the demand for shoes in general

a. More elastic b. More inelastic c. Less elastic d. Less inelastic