Sugarcane can be used for producing both sugar and ethanol. New regulations in certain countries now allow a higher level of ethanol in gasoline. An economist would expect sugarcane prices to ____, and quantity sold to ____

The Organization of Petroleum Exporting Countries (OPEC) is an example of a(n)

A) oil monopoly. B) cartel. C) competitive arrangement. D) prisoner's dilemma.

Suppose France can produce 9,000 potatoes or 3,000 lemons per day, and that Italy can produce 3,000 potatoes or 3,000 lemons per day. Which of the following statements in this context is true?

a. France has an absolute advantage in producing lemons. b. Italy has a comparative advantage in producing potatoes. c. Italy would be willing to trade one lemon for anything greater than one potato. d. Both countries would be willing to trade at a rate of one lemon for one potato. e. France has a comparative advantage in producing lemons.