A budget constraint illustrates the
a. prices that a consumer chooses to pay for products he consumes.
b. purchases made by consumers.
c. consumption bundles that a consumer can afford.
d. consumption bundles that give a consumer equal satisfaction.
c
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Which of the following statements explains why trading partners are often concerned about each other's labor standards?
I. From a humanitarian perspective, people do not want to buy products if workers are in oppressive conditions. II. Unions realize that low standards for labor will be less costly, and those products will compete more effectively with products produced at home. III, Some nations do not enforce their own lax labor standards, but have also signed on to trade agreements. a. I b. II c. II and III d. I, II, and III
"Because of rent seeking, a monopoly may end up earning a normal profit." Is the previous statement correct or incorrect? Why?
What will be an ideal response?