Josh is willing to pay $500 for a set of tire, but he is able to pay $300 at the local tire store. His consumer surplus is

If the executives of the U.S. silicon-chip industry lobby Congress for protection from imports on the grounds that foreign producers are selling silicon chips in the United States below production costs, they are using the:

A) environmental standards argument. B) retaliation against dumping argument. C) cheap foreign labor argument. D) national security argument.

Along a straight-line downward-sloping demand curve, elasticity is

a. constant, but its value cannot be determined without measurement b. constant and equal to an absolute value of one c. greater at higher prices d. greater at lower prices e. greater in the middle