If the local slaughterhouse gives off an unpleasant stench, then the equilibrium quantity of meat will be ________ the quantity that maximizes total economic surplus.

Greatland and Superland both produce 5 million watches in a year. The opportunity cost of producing one watch is 2 shirts in Greatland, and the opportunity cost of producing one watch is 3 shirts in Superland

Which of the following statements is true? A) Superland has a comparative advantage in producing watches. B) Superland has an absolute advantage in producing watches. C) Greatland has a comparative advantage in producing watches. D) Greatland has an absolute advantage in producing watches. Consider two economies, Beta and Zeta. Each farmer in Beta can grow 1,000 pounds of apples in a year or 500 pounds of oranges. Each farmer in Zeta can grow 400 pounds of apples or 1,200 pounds of oranges in a year.

An increase in income results in an outward shift of an indifference curve

Indicate whether the statement is true or false