Gains from joining a trade bloc will be higher if the import demands of the member countries are relatively elastic.

Refer to Figure 3-5. At a price of $0

A) there is a shortage of 8 units. B) there is a shortage of 0 units. C) there is a surplus of 8 units. D) there is a surplus of 0 units.

Requiring that barbers have licenses, restricts entry and

A) raises the average quality of hair cuts. B) increases the costs of getting a hair cut. C) may increase or decrease welfare. D) All of the above.