If we eliminated our textile tariffs, the dislocated workers could easily switch to other jobs

The figure above shows the costs for the typical grower in the perfectly competitive turnip market. Currently, the price of a ton of turnips is $1,200. The demand for turnips increases permanently

The turnip industry experiences neither external economies nor external diseconomies. In the long run, the price of a ton of turnips ________. A) increases so it is above $1,200 B) is $1,200 and turnip growers will make normal profit C) decreases so it is below $1,200, and turnip growers will make normal profit D) decreases so it is below $1,200 and the turnip growers make an economic profit

Of the various models of noncooperative oligopoly behavior discussed in the text, which one has the greatest shortcoming when it comes to explaining observed behavior in an oligopoly market

What will be an ideal response?