Assume that there are two nations, orca and tapa. each nation produces two products, wheat and steel. orca has a comparative advantage in the production of wheat. if the two nations trade, the price of wheat in terms of steel will be:
1. less than the domestic opportunity cost of wheat in orca and greater than the domestic opportunity cost of wheat in tapa.
2. greater than the domestic opportunity cost of wheat in orca and less than the domestic opportunity cost of wheat in tapa.
3. greater than the domestic opportunity cost of wheat in both nations.
4. less than the domestic opportunity cost of wheat in both nations.

Consider the market for gasoline. suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $3.00 per gallon, and employees at gas stations earn $17.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect the government has instituted a legal minimum price of $3.40 per gallon for gasoline. the government prohibits gas stations from selling gasoline for more than $3.40 per gallon. due to new regulations, gas stations that would like to pay better wages in order to hire more workers are prohibited from paying more than $14.50 per hour.

In the united states, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day. in the united kingdom, one worker can produce 5 tons of steel per day or 15 tons of chemicals per day. the united kingdom has a comparative advantage in the production of:

Arestaurant that creates a new type of sandwich is using (blank) as a method of competition.