When a country or a region of a country specializes in producing the product that has the lower opportunity cost compared to another country or region, it is practicing

What is your total consumer surplus at the optimal consumption level?

a. $2 b. $3 c. $11.50 d. $3.50

Which of the following is true of markets characterized by positive externalities?

a. Social value exceeds private value, and market quantity exceeds the socially optimal quantity. b. Social value is less than private value, and market quantity exceeds the socially optimal quantity. c. Social value exceeds private value, and market quantity is less than the socially optimal quantity. d. Social value seldom exceeds private value; therefore, social quantity is less than private quantity.