A major weakness of the kinked demand curve model is that it does not explain how the equilibrium price, i.e., the price at the kink in the demand curve, is determined

What must a government know for the infant industry argument to be a valid reason for imposing tariffs?

What will be an ideal response?

According to behavioral economists, precommitments:

A. help people overcome their self-control problems caused by time inconsistency. B. do not fundamentally alter decisions because they do not change the benefits or costs of a particular action. C. end up being more costly as people regularly violate them and incur penalties. D. overcome cognitive biases introduced by brain System 2.