A binding price floor that could be set in the market in the graph shown would be:
A. $23.
B. $16.
C. $8.
D. $12.
A. $23.
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Sales maximization and profit maximization are essentially equivalent
a. True b. False Indicate whether the statement is true or false
If the Korean steel industry subsidizes the steel that it sells to the United States, the
a. United States should protect its domestic steel industry from this unfair competition. b. harm done to U.S. steel producers from this unfair competition exceeds the gain to U.S. consumers of cheap Korean steel. c. harm done to U.S. steel producers is less than the benefit that accrues to U.S. consumers of steel. d. United States should subsidize the products it sells to Korea.
Suppose that the U.S. can make 15 cars or 20 bottles of wine with one year's worth of labor. France can make 10 cars or 18 bottles of wine with one year's worth of labor. From these numbers, we can conclude
A. the U.S. has a comparative advantage in the production of cars. B. France has a comparative advantage in the production of wine. C. the U.S. has a absolute advantage in the production of wine. D. all of the above are conclusions are correct.
The suburbanization of America _______________ the United States' dependence on oil imports.
A. increased substantially B. had no effect C. decreased substantially