If an individual can produce a good or service with a lower opportunity cost than another individual, then he or she is said to have the comparative advantage

Many external costs occur because

a. people do not pay the true cost of using a resource. b. people do not pay the private cost of using a resource. c. companies do not pay the market price for natural resources. d. companies pay more than the true cost of using a resource.

Given the following data, what is the distance from the origin to the point where the total expenditures (TE) curve cuts the vertical axis? C = $400 + 0.75Yd I = $120 G = $270

A) $670 B) $790.75 C) $790 D) $400 E) ?$390