The U.S. government suspended the convertibility of the dollar into gold in

When Iceland can generate a product using fewer labor hours and resources than the United States, an economist would say that Iceland had

a. a comparative advantage in production of the product. b. an absolute advantage in production of the product. c. a higher opportunity cost of producing the product. d. no incentive to import the product, regardless of the cost-price conditions for other products.

In regulating a natural monopoly, the price strategy that ensures the highest possible output and zero profit is one that sets price

A) equal to average total cost where it intersects the demand curve. B) equal to marginal cost where it intersects the demand curve. C) equal to average variable cost where it intersects the demand curve. D) corresponding to the demand curve where marginal revenue equals zero.