Assume that MPLw=8, and MPLc = 6. What is the opportunity cost of wheat in the Home country? MPLC / MPLw = 3/4 Insufficient information is given. We need to know the wage rate. MPLw/ MPLC = 4/3 Under perfect competition, the relative price of wheat (Pw /Pc) in the no-trade equilibrium is ___________ the opportunity cost of wheat. equal to smaller than greater than

Assume that MPLw=8, and MPLc = 6. What is the opportunity cost of wheat in the Home country? MPLC / MPLw = 3/4 Insufficient information is given. We need to know the wage rate. MPLw/ MPLC = 4/3 Under perfect competition, the relative price of wheat (Pw /Pc) in the no-trade equilibrium is ___________ the opportunity cost of wheat. equal to smaller than greater than

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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