Refer to Table 2-12. What is Guatemala's opportunity cost of producing one canoe?
A) 1/6 of a sailboat B) 2/3 of a sailboat C) 6 sailboats D) 7.5 sailboats
A
Economics
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In the long-run equilibrium, perfectly competitive firms make zero economic profit because of
A) government regulations. B) the ability of firms to enter and exit. C) inefficient production processes. D) high fixed costs.
Economics
When a country allows trade and becomes an exporter of a good,
a. domestic producers gain and domestic consumers lose. b. domestic producers lose and domestic consumers gain. c. domestic producers and domestic consumers both gain. d. domestic producers and domestic consumers both lose.
Economics