To maximize its profit, the firm in the figure above will produce ________ jeans and set a price ________ per pair of jeans

The European Economic Community

a. is a good example of a customs union b. is a region in which the production of basic goods, such as steel and energy, are produced collectively c. is a free trade area d. prohibits imports from other countries e. created the GATT rules

Resources are directed from one industry to another by

A. Market failure. B. Changes in market prices. C. Government failure. D. None of the choices are correct.