Refer to Figure 4-3. What is the total amount that Kendra is willing to pay for 3 ice cream cones?

When the selling price of a good goes up, what is the relationship to the quantity supplied?

a) the cost of production goes down b) The profit made on each item goes down c) It becomes practical to produce more goods d) There is no relationship between the two

If Irene can make either four chairs or one table in an hour and Greg can make either three chairs or two tables in an hour, then

A) Irene has the absolute advantage in the production of tables. B) Greg has the absolute advantage in the production of chairs. C) Irene has the comparative advantage in the production of chairs. D) Greg has the comparative advantage in the production of chairs.