Suppose that smart phone producers meet secretly and agree to issue the smart phones of their most successful models sequentially and at the same price that maximizes their profits. After hearing about the secret meeting the U.S

Government standards for products sold in the domestic market can have the effect of protecting domestic producers from foreign competition

a. True b. False Indicate whether the statement is true or false

The "Buy American" provision in the 2009 stimulus package required that stimulus money be spent only on U.S.-made goods, effectively acting as a quota of zero imports when stimulus money was being spent. In the U.S. steel market, the "Buy American"

provision in the 2009 stimulus package would A) convert some consumer surplus to deadweight loss. B) transfer some deadweight loss to producer surplus. C) transfer some producer surplus to consumer surplus. D) reduce the producer surplus received by foreign manufacturers.