10. An exporting country will a. Produce when the domestic price is lower than t

Question

10. An exporting country will
a. Produce when the domestic price is lower than the world price
b. Produce at a lower opportunity cost than an importing country
c. Give up the least amount of resources to produce this good
d. All options are correct

11. Most nations are reluctant to increase trade barriers because protectionism may result in
a. Lowering trade barriers
b. A larger consumer surplus
c. A smaller producer surplus
d. Retaliation be other countries

12. If total cost is $24 and variable costs are $12 at 6 units of output, average fixed cost is
a. $2
b. $1
c. $12
d. $4


**Please explain how you came to your conclusion**

Explanation / Answer

d. All options are correct All the given statements are the necessary Conditions b. A larger consumer surplus Because then the people will have will to pay more than required Average fixed cost = 12/6 = $2 a. $2

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