Generally speaking, protection from foreign competition benefits:
a. both domestic producers and foreign producers.
b. both domestic consumers and foreign consumers
c. domestic consumers and foreign consumers.
d. neither domestic producers nor foreign producers.
e. domestic producers at the expense of domestic consumers.
e
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Refer to Table 4-8. Suppose that the quantity of labor supplied decreases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?
A) W = $9.50; Q = 370,000 B) W = $10.00; Q = 350,000 C) W = $9.00; Q = 330,000 D) W = $8.00; Q = 390,000
A free market system tends to
a. produce a fairly equal distribution of income. b. pay people exactly what they are worth. c. produce a relatively unequal distribution of income. d. pay most people more than they are worth, at the expense of reducing firms' profits.