The national defense argument has been used in the past to justify trade restrictions by firms in the peanut industry and the pottery industry

To determine whether a market is perfectly competitive, economists examine the

a. number of firms in the market. b. similarities among the products of the different firms in the market. c. ease of entry and exit by firms in the market. d. All of the above are correct.

The budget line shows:

A. the amount of product A that a consumer is willing to give up to obtain one more unit of product B. B. all possible combinations of two goods that can be purchased, given money income and the prices of the goods. C. all equilibrium points on an indifference map. D. all possible combinations of two goods that yield the same level of utility to the consumer.