Author Question: Refer to Table 2-16. What is Finland's opportunity cost of producing one board foot of lumber? A) ... (Read 116 times)

bb · **on:** Jun 29, 2018

Refer to Table 2-16. What is Finland's opportunity cost of producing one board foot of lumber?

A) 0.25 cell phones B) 4 cell phones C) 12 cell phones D) 16 cell phones

Question 2

Refer to Figure 5-15. The current market equilibrium output is partly the result of overfishing. In that case, what does S1 represent?

A) the social marginal cost of harvesting salmon
B) the social marginal benefit of harvesting salmon
C) the private marginal cost of harvesting salmon
D) the private marginal benefit of harvesting salmon