In the above figure, if the price is $16 per unit, how many units will a profit maximizing perfectly competitive firm produce?

What is both a necessary and sufficient condition for anything to become money?

A) Metallic backing B) Government fiat C) Acceptability D) A stable price level E) Seignorage

The text argues that if avocado growers in Mexico can produce avocadoes cheaper than avocado growers in the United States, this will not reduce total jobs available in the United States. The logic underlying this argument is that

A) avocado growers in the United States did not earn much anyway. B) avocado growers in the United States are welcome to emigrate to Mexico. C) avocado growers in the United States will switch to specializing in a crop in which they hold the comparative advantage. D) avocado growers in Mexico need the jobs more than Americans do.