The Accompanying Tables Show Data for the Hypothetical Nations of Alpha

question 28

Multiple Choice

The accompanying tables show data for the hypothetical nations of Alpha and Beta. Qₛis domestic quantity supplied, and Q_d is domestic quantity demanded. At a world price of $5,

• A)Alpha will want to import 50 units of steel.
• B)Beta will want to import 60 units of steel.
• C)Alpha will want to export 50 units of steel.
• D)neither country will want to export steel.

---

Definitions:

Total Cost

The sum of all expenses incurred in the production of goods or services, including fixed and variable costs.

Total Revenue

The total income received by a firm from selling its goods or services before any costs or expenses are deducted.

Marginal Product

The rise in production resulting from the use of one more unit of input.

Value of the Marginal Product

The extra income produced from the use of an additional unit of input, like capital or labor.