Maximum Feasible Hourly Production Rates of EitherComputers or Bicycles Using All Available ResourcesProductUnited StatesChinaComputers83Bicycles26 Refer to the above table. Assuming that opportunity costs are constant, the opportunity cost of producing a bicycle in the United States is equal to ________, and the opportunity cost of producing a bicycle in China is ________.

The economic analysis of monopolistic competition shows that market forces eliminate profits in the long run. However, it is possible for a firm to continue to earn economic profits if the firm

A) adopts new technologies that enable it to lower its cost of production. B) expands its marketing budget. C) reduces its price to expand its market. D) expands its product offerings to appeal to a wider range of consumers.

An economy with only the household and firm sectors is called:

A) a mixed economy. B) a private economy. C) a command economy. D) none of the above.