The recognition lag is the length of time it takes between recognizing a problem and adopting a policy to address that problem.

In destination countries, as immigration occurs and more labor is employed, in the short run, wages fall and the marginal products of land and capital (fixed resources):

a. are unaffected. b. both rise. c. both fall. d. rise for one and fall for the other.

The figure above represents the competitive market for slices of key lime pie. When the price is $3, the total consumer surplus equals

A) $120. B) $90. C) $60. D) $0. E) None of the above answers is correct.