Firms in monopolistic competition maximize their profit by setting their price equal to their marginal revenue

The practice of imposing import restrictions to protect a newly developing domestic economy typically results in:

a. a rapid improvement in the standard of living. b. expanded trade relations with other nations. c. lower prices of domestic products. d. allocation of resources away from the primary products. e. greater cost efficiency in domestic production.

NAFTA is an example of a free trade area consisting of the United States, Canada, Mexico, and the European Community

Indicate whether the statement is true or false