Table 351
Full-Employment Output of Goods Based on the Information in Sovbeans

question 11

Multiple Choice

$\begin{array}{|c|c|c|}\hline \text { Country } & \text { Tons of Sovbeans } & \text { Computers } \\\hline \text { China } & 100 & 300 \\\hline \text { United States } & 150 & 750 \\\hline\end{array}$
Table 35.1
Full-Employment Output of Goods Based on the information in Table 35.1, assume China and the United States have the same amount of resources with which to produce soybeans and computers and they produce no other goods.The opportunity cost of producing 1 ton of soybeans in the United States is

• A) 1/5 of a computer.
• B) 1/3 of a computer.
• C) 3 computers.
• D) 5 computers.

---

Definitions:

Supply Price

The minimum price at which a seller is willing to sell a good or service.

Price Floor

A government or regulatory minimum price set on goods and services, typically above the equilibrium price, to prevent prices from falling too low.

Excess Supply

A market situation where the quantity of a good or service offered for sale by producers exceeds the quantity demanded by consumers at the current price.

Quantity Demanded

The total amount of goods or services that consumers are willing and able to purchase at a given price point.