-Refer to the Above Table

question 290

Multiple Choice

-Refer to the above table. If opportunity costs are constant, then the opportunity cost of producing good B in country X is ________, and the opportunity cost of producing good B in country Y is ________.

• A)1 unit of A; 2 units of A
• B)1 unit of A; 0.5 unit of A
• C)1 unit of B; 2 units of A
• D)1 unit of A; 0.5 unit of B

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Definitions:

Profit-maximizing Output

The point of production where a company attains its maximum profit.

Short-run Data

refers to information or statistical figures that capture economic activities or trends over a relatively brief period, emphasizing immediate effects rather than long-term patterns.

Competitive Firm

A business operating in a market where it has little to no influence on the prices of its products due to the presence of numerous competitors.

Total Profit Curve

A graphical representation that shows how a firm's profit varies with different levels of output.