Ceteris paribus, which of the following is most likely to shift both the demand and the supply curves?

Refer to Table 4-4. If a minimum wage of $10.00 an hour is mandated, what is the quantity of labor demanded?

A) 390,000 B) 370,000 C) 350,000 D) 40,000

A basic problem with the infant-industry argument is that:

a. most industries need protection when they are mature, not when they are first established. b. the amount of the tariff is unlikely to have much impact on the success of an infant industry. c. political pressure will likely prevent the withdrawal of the tariff when the industry matures. d. domestic consumers will continue to buy the foreign products anyway, regardless of the tariff.