According to the infant industry argument, a new domestic industry needs protection because it has higher costs than established foreign competitors

The retail value of a gallon of milk (fat free) is $4.19. Dairy farmers receive roughly $1.64 for this gallon of milk. What is the dairy farmer's share of the retail food dollar?

A) 39% B) 42% C) 34% D) 33%

If the price of good X goes up and the price of good Y goes down, then it is possible for

a. The person is better off than before. b. The person is worse off than before. c. The person is no better or worse off than before. d. All of the above are possible.