A new industry develops, and our government wants to protect it from foreign competition. Which one of the following arguments would appropriately describe this type of protection?

If the demand and supply curves for a commodity both shift to the left by the same amount, then in comparison to the initial equilibrium, the new equilibrium will be characterized by:

A) a higher price quantity. B) the same price and a higher quantity. C) the same price and a lower quantity. D) a lower price and a higher quantity.

Division of labor refers to

A) dividing tasks up into several subtasks and having one person perform these subtasks in a certain order. B) the separation of hourly workers from salaried workers. C) assigning different workers to different tasks. D) separating union workers from nonunion workers.