Market participants include:
A.) Business firms and consumers but not foreigners.
B.) Consumers only.
C.) Consumers, business firms, governments and foreigners.
D.) Foreigners but not business firms.
C.) Consumers, business firms, governments and foreigners.
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Which of the following is the formula for the intra-industry trade (IIT) share in a product's total trade?
A. 1 - [ |X + M| / (X - M)] B. 1 - [ |X - M| / (X + M)] C. 1 - |X - M| D. 1 - (X + M)
Refer to the above table. Demand is unit elastic between the prices of
A. $6.00 and $7.00. B. $5.00 and $10.00. C. $6.00 and $6.50. D. $7.00 and $7.50
In Figure 45.4, when compared to the perfectly competitive equilibrium, the number of workers hired as a result of unionization 
Figure 45.4
A. increases from L' to L*. B. remains at L'. C. remains at L*. D. decreases from L* to L'.
Although price searchers can set their prices, the prices they can set are still affected by market conditions.
a. True b. False 2. Suppose firms in a competitive price-searcher market with low barriers to entry are earning an economic profit. Firms will (enter/exit) this market until economic profits are (zero/postive/ negative)