Assume that the dollar price of a basket of goods in the U.S. is $3 and the dollar price of a basket of goods in China is $5. On the other hand, the yuan price of the basket in the U.S. is 20 yuan

A) Sam pays $600 for 30 days of guitar classes. He attends an hour-long class every day. If, instead of attending class, he works at a part-time job, he would be paid $5 an hour. Or, he could work at a fast-food outlet and earn $9 per hour

Once he has already paid a nonrefundable fee of $600 to enroll in the class, what is his opportunity cost of attending each hour of class? b) Suppose workers decide to work more and consume less leisure when their hourly wage rate increases. What could explain this behavior?

Suppose all producers in a given industry charge exactly the same price for their product. Uniform prices across an industry proves

A) industry competetitiveness. B) industry monopolization. C) producers cannot be earning monopoly profits. D) absolutely nothing about whether the industry is adequately competitive.