Which of the following is true for a profit-maximizing competitive firm in the long run but not a monopolist?

The World Trade Organization provides for all of the following EXCEPT

A) the usage of the most favored nation clause. B) assistance in the settlement of trade disagreements. C) bilateral tariff reductions. D) multilateral tariff reductions. E) the prevention of nontariff interventions in trade.

The infant-industry argument for tariff protection is that tariffs should be imposed to protect from competition

A) industries that are essential if a country is to become an industrial nation. B) industries needed for national defense. C) industries that cannot compete with foreign competitors at this point in time, but will be able to once they gain some size and experience. D) industries that can compete with foreign competitors at this point in time and are deemed essential by the government.