Countries with different initial levels of per capita income may gravitate to a similar level of per capita income. Economists call this phenomenon ________

An analysis of the case of Harley-Davidson reveals that the deadweight loss of import protection ___________ the gain in future producer surplus.

a. was slightly less than b. slightly exceeded c. vastly exceeded d. was roughly the same as

The elasticity of demand is used to

A) determine if consumers will or will not buy a product. B) measure how responsive consumers are to a change in price. C) determine in what direction the demand curve shifts if income changes. D) find the market equilibrium. E) determine if a change in price results in a shortage or a surplus.