Opportunity cost is the value of
A) the best (or most highly valued) forfeited alternative.
B) the chosen alternative.
C) a free good.
D) all forfeited alternatives.
A
Economics
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Suppose the world price of coffee is $3 per pound and Brazil's domestic price of coffee without trade is $2 per pound. If Brazil allows free trade, will Brazil be an importer or an exporter of coffee?
Economics
Refer to the graph below for an industry. If the industry were purely competitive, the output quantity would be:
A. 90
B. 160
C. 195
D. A level that is not labeled in the graph
Economics