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20）A country should specialize in the production of those goods

A. a. that have the highest price.
B. b. that use the most labor.
C. c. for which a country has an absolute advantage.
D. d. for which a country has a comparative advantage.

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b. Now assume that an increase in income and population mean that demand curve has shifted. Assume that the shift is such that, at each price, the quantity demanded has increased by 300 millions. At the new equilibrium, price has (3) (increased/decreased) to (4) cents, and quantity has (5) (increased/decreased) to (6) . __

c. Now assume that an increase in the price of sugar has caused a shift in the supply curve. At each price, the quantity supplied has been reduced by 150 million. The shift in the supply curve will (7) (increase/decrease)price and (8) (increase/decrease) quantity. According to the demand schedule you made in part c, the new equilibrium price following the increase in the price of sugar is (9) cents, and new equilibrium quantity is (10) . __

Suppose the supply curve for a good is vertical. We know that supply is

A. . price elastic.
B. . perfectly price inelastic.
C. . unit price elastic.
D. . perfectly price elastic.

If the percentage change in the quantity supplied of a good is less than the percentage change in price, then supply of the good is

A. . elastic.
B. . inelastic.
C. . normal.
D. . inferior.