13. (Figure: Supply and Demand 1) At a market quantity of 5, the shaded region in the figure represents:1) satisfied wants.2) unexploited or unrealized gains from trade.3) the value of wasted resources.4) willingness to pay.
Use the following to answer questions 14-16.Table: iPhone and iPod ProductionOne iPhoneOne iPodCanadian labor units34United States labor units2214. (Table: iPhone and iPod Production) According to the table on iPhone and iPod Production, the opportunity cost of producing one iPhone is:
15. (Table: iPhone and iPod Production) According to the table on iPhone and iPod Production, which of the following is TRUE about Canadian and U.S. comparative advantages?
16. (Table: iPhone and iPod Production) Assuming both the United States and Canada specialize in the good for which they each have comparative labor advantage, which of the following answers identifies a trade price that both countries would find acceptable? (Assume each country has 12 laborers.)
17. Consider the market for peanut butter. What happens to the equilibrium price and quantity of peanutbutter if an outbreak of mold causes damage to the peanut harvest and import quotas raise the price of jelly?1) The equilibrium price and quantity of peanut butter fall2) The equilibrium price of peanut butter rises and the equilibrium quantity falls3) The equilibrium price of peanut butter rises but the effect on quantity is indeterminate.4) The equilibrium quantity falls but the effect on price is indeterminate.