An agreement that an offeror will not sell his property for a specified period subsequent to the offeree paying consideration to the offeror is referred to as a(n) ________

A possible drawback to the essential industry argument for import protectionism is ________

A) that such protection hurts the protecting country's balance of payments B) in times of military emergency, almost any product could be considered essential C) other countries find supplies elsewhere D) unemployment increases in the protecting country

In a perfectly competitive industry,

A) there are relatively few firms operating in the industry. B) the products and services sold by firms in the industry are very different from each other. C) it is very costly for firms to enter the industry. D) it is not very costly for firms to enter or exit the industry.