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Author Question: If a particular perfectly competitive industry uses only a small fraction of the supply of any of ... (Read 36 times)

sarasara

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  • Posts: 521
on: Jun 30, 2018
If a particular perfectly competitive industry uses only a small fraction of the supply of any of its inputs, the long run supply curve for that industry will tend to be:
 a. vertical.
 b. upward sloping.
 c. horizontal.
 d. downward sloping.

Question 2

Suppose labor productivity differences are the only determinants of comparative advantage, and Brazil and Chile both produce only coffee and sugar. In Chile, either 5 units of coffee or 2 units of sugar can be produced in one day. In Brazil, a day of labor produces either 2 units of coffee or 1 unit of sugar. What is the opportunity cost of producing coffee in Chile?
 a. Half a pound of sugar
  b. Two-fifth of a pound of sugar
  c. 2 pounds of sugar
  d. One-third of a pound of sugar
  e. 4 pounds of sugar


aprice35067

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Reply #1 on: Jun 30, 2018
Answer to Question 1

c

Answer to Question 2

b


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