Refer to the information provided in Figure 20.1 below to answer the question(s) that follow.
Figure 20.1Refer to Figure 20.1. The opportunity cost of producing a bushel of soybeans in the United States is
A. twice as much as that in Canada.
B. the same as that in Canada.
C. 1/2 as much as that in Canada.
D. 4 times as much as that in Canada.
Answer: A
Economics
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The above figure shows a labor market with minimum wage equal to $16. In this figure, what area equals the resources lost because of job search?
A) area A B) area B C) area C D) area D E) area E
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If Happy Campers has a market share of 55 percent and Campers R Us has a market share of 15 percent, according to Chinese law, Happy Campers ________ be considered a dominant firm and Campers R Us ________ be considered a dominant firm.
A) would not; would not B) would not; would C) would; would D) would; would not
Economics