This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this economy were to open to trade, consumers would:
A. enjoy a net gain to surplus of DEFG.
B. suffer a transfer of surplus to the producer of DEFG.
C. experience deadweight loss of FG.
D. suffer a net loss to surplus of DEFG.
Answer: A
Economics
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If a laborer in Mexico can produce 2 bushels of wheat or 4 bushels of corn in a day, the opportunity cost of producing wheat is 4 bushels of corn
a. True b. False Indicate whether the statement is true or false
Economics