All else equal, a decrease in cattle herds will decrease derived demand for US corn.

Oligopolies that produce identical products such as steel have

A. no control over the price of their product because of the availability of perfect substitutes. B. no control over the price of their product because of the large number of buyers in the market. C. some control over the price of their product because each firm sells a substantial share of the market. D. some control over the price of their product because of the small number of buyers in the market.

Recall the Application about productivity in the nation of Latvia in the 1990s to answer the following question(s). According to this Application, workers in the EU were more productive than workers in Latvia in the 1990s, yet EU nations still purchased products from Latvia. This is because Latvia ________ in the production of the products it sold to EU nations.

A. had an absolute advantage B. had a comparative advantage C. used fewer resources D. had a higher opportunity cost