Refer to Figure 2-14. What is the opportunity cost of producing 1 popsicle in Iceland?

Refer to Table 2-11. What is China's opportunity cost of producing one digital camera?

A) 0.04 pounds of wheat B) 4 pounds of wheat C) 25 pounds of wheat D) 40 pounds of wheat

Consider a consumer who spends all income on only two goods: pizza and soda. An extra slice of pizza would give the consumer 60 extra utils, while an extra can of soda would give the consumer 20 extra utils. Pizza costs $3 per slice, and soda costs $1 per can. In this situation, the consumer:

a. is buying too much pizza and not enough soda. b. should purchase more pizza and less soda. c. has maximized his or her total utility. d. needs to equate the marginal utilities for pizza and soda.