In peak-load pricing, once capacity is reached, the firm's short-run marginal cost curve becomes ________.

A minimum wage set above the equilibrium wage will

A) create a shortage of labor. B) create a surplus of labor. C) have no effect because the equilibrium level of employment is not affected by a minimum wage above the equilibrium wage. D) create a lower wage rate for skilled workers than for unskilled workers.

Economic theory in general, and trade theory in particular are replete with equivalencies

For example, it is argued that for any specific tariff one can find an equivalent ad valorem tariff; and that for any quota one can calculate a tariff equivalent. Discuss conditions or situations under which a specific and an ad valorem tariff are not equivalent. Discuss conditions or situations when a tariff and a quota are not equivalent.