Two countries, Blue Violet and Sweet Pansy, produce only two goods: teapots and coffeepots. The table above gives their production possibilities. With specialization and trade, Sweet Pansy produces ________ and Blue Violet produces ________.
A) 150 coffeepots, 150 teapots
B) 150 teapots, 75 coffeepots
C) 150 teapots and 150 coffeepots, nothing
D) 100 teapots and 25 coffeepots, 100 teapots and 50 coffeepots
Question 2
The above figure shows the marginal social benefit and marginal social cost curves of coffee in the nation of Kaffenia. Which of the following would result in the quantity of coffee in Kaffenia differing from the efficient quantity?
A) The existence of a single producer and seller of coffee.
B) The existence of many producers and sellers of coffee.
C) Damage to the environment from fumes emitted by coffee beans.
D) Both answers A and C are correct.
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