American textile manufacturers and union members have often lobbied successfully for restrictive quotas limiting the importation of textile products. The major impact of these quotas is
a. a permanent reduction in unemployment in the United States.
b. lower prices for American consumers and an improvement in the quality of textile products available.
c. higher prices for American consumers, a narrower selection of products, and less competition in the U.S. textile industry.
d. long-run profits in the U.S. textile industry that are substantially above market equilibrium.
C
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All else equal, if the demand for labor increases and the supply of labor does not change, the equilibrium real wage will ________ and the equilibrium quantity of labor will ________
A) increase; increase B) increase; not change C) decrease; decrease D) not change; increase
Compared with the 19th century, during the colonial period technological changes that raised output relative to inputs:
a. were slow and steady. b. increased in the early part of the period, but fell off dramatically after 1643. c. remained minor and sporadic. d. increased dramatically after 1643.