Profit per unit is the difference between
A. total revenue and total cost.
B. marginal revenue and marginal cost.
C. average revenue and average total cost.
D. average revenue and marginal cost.
Answer: C
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Assume that maximum feasible hourly productions levels if all resources are utilized in the United States are either 3 yards of fabric or 9 bushels of wheat
Maximum feasible production levels if all resources are utilized in Japan are either 6 yards of fabric or 12 bushels of wheat. Based on this information A) beneficial trade is absolutely impossible between the two countries. B) the United States will benefit from trading but Japan will not. C) both nations will gain from specialization and trade, with the United States exporting wheat and Japan exporting fabric. D) Japan should specialize in both products.