If Britain, at the point where it is currently producing, must give up the production of 75 hats to produce 25 additional sweaters, the opportunity cost of producing 4 sweaters is _______ hats.

Total revenue is equal to

A) the change in price resulting from a one-unit increase in quantity sold. B) the amount people will buy at a given price. C) the change in the quantity sold when you change the price by one unit. D) price multiplied by the quantity sold. E) the price at which the good or service is sold.

During the first 6 months of 2008, the European Union (EU) initiated an anti-dumping case against China for imports of taper candles. What is dumping?

A) when China sells its candles to the EU at a lower price than China's cost of production B) when China does not pay the tariff on the candles C) when China sells its candles to the EU at a lower price than other producers D) when China tries to sell more candles to the EU than is allowed by the import quota