Below is some data on the output of kumquats in Smith Island.
-Refer to information above to answer this question.If the world price (free trade) price prevailed,how many kumquats per month would Smith Island import?
Definitions:
Marginal Cost
The cost incurred by producing one additional unit of a product or service.
Opportunities Forgone
The benefits, profit, or value of something that must be given up to acquire or achieve something else.
Opportunity Cost
The outcome of forgoing possible advantages from other alternatives by choosing one option.
Natural Resources
Resources present in nature, like minerals, forests, water, and fertile lands, that can be tapped for making money.
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