Given the information and assuming trade occurs between the three states, we can expect:
A. that there is no means by which Michigan can obtain lettuce while specializing in the
production of autos.
B. that money will not be needed to accomplish the desired exchanges.
C. money to flow counterclockwise from Michigan to Texas to Washington.
D. money to flow clockwise from Michigan to Washington to Texas.
C. money to flow counterclockwise from Michigan to Texas to Washington.
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For a given market demand curve, if the market clearing price decreases, then the amount of consumer surplus will
A) decrease. B) increase. C) become negative. D) none of the above due to insufficient information.
Today, the Federal Trade Commission (FTC) is concerned with:
a. enforcing consumer protection legislation. b. prohibiting deceptive advertising. c. preventing collusion. d. all of these.