Refer to the above figure. Mario is self-sufficient and so is Mia. Each produces 6 dishes of pasta and 4 pizzas. Mario and Mia decide to specialize and trade
After they have specialized and traded, compared to the initial situation, Mia's opportunity cost of pasta has ________ and Mario's opportunity cost of a pizza has ________. A) decreased, decreased
B) decreased, increased
C) increased, increased
D) increased, decreased
C
Economics
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A surplus tends to put ________ pressure on the price of the product, which ________ the quantity demanded
A) upward; increases B) upward; decreases C) downward; increases D) downward; decreases
Economics
The exclusive privilege to use an asset is called a(n)
A) property right. B) exclusive use agreement. C) property privilege. D) right to work privilege.
Economics