Refer to Figure 2-8. What is the opportunity cost of producing 1 ton of coconuts in Guatemala?

Seasonal adjustment

A) should never be used. B) is rarely used. C) is a common characteristic of macroeconomic time series in wide use. D) is not used by modern macroeconomists.

Each firm in a cartel has an incentive to chisel because market price exceeds:

a. marginal cost. b. average cost. c. average variable cost. d. average fixed cost.