Suppose the Christmas trees market is perfectly competitive. A business owner is currently suffering from a loss of 1,000, the cost of producing and selling an additional Christmas tree is 20, and the current market price is 25. The owner
A) should sell more trees.
B) should shut down his business now.
C) should advertise in the market.
D) is already minimizing his loss.
Question 2
Small countries might produce more of a particular good than their domestic citizens can consume
A) if they are willing to take a loss on the goods produced.
B) if there are increasing returns to scale and export of the surplus is possible.
C) when arbitrage is possible.
D) if they are producing seasonal products.
Old-growth redwood forest in western North America. Redwoods are the tallest trees in the world, wit
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