When products from a high-cost country within a customs union replace imports from a low-cost country that is not a member of the union, this is called:

If the unemployment rate has reached an all-time low, the production of output is probably

a. high b. low c. fluctuating d. stable e. inefficient

The key assumption that distinguishes a constant cost industry from other types of industries is that

a. firms can earn only a normal profit in the long run b. each firm's ATC curve is unaffected by changes in industry output c. each firm has a horizontal long-run average total cost curve d. there are no economies of scale available to the firms in the industry e. each firm faces a horizontal demand curve for its output