Jones and Smith are teaching assistants. Jones can grade 20 essays or 50 problem sets a day, while Smith can grade 20 essays or 10 problem sets a day. Therefore
A) Smith sacrifices 2 graded essays for every 2 problem sets she grades.
B) Smith sacrifices 10 graded essays for every 20 problem sets she grades.
C) Jones sacrifices 2 graded essays for every 5 problem sets he grades.
D) Both Smith and Jones have a comparative advantage in grading essays.
C
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Given the market demand and cost data in the above figure, the existence of a monopoly firm producing 8 million cubic feet of natural gas makes it possible to produce natural gas at a long-run average cost of
A) 10 cents per cubic foot. B) 20 cents per cubic foot. C) 30 cents per cubic foot. D) 40 cents per cubic foot.
Interest rates and investment are actually observed to move most of time in ________, and this is explained by other factors affecting investment shifting the ________ curve to the right
A) the same direction, IS B) the same direction, LM C) opposite directions, IS D) opposite directions, LM