The housing cycle generally lasts 5 to 10 years and is also known as the Schumpeter cycle

Congressman Smith cites the "jobs argument" when he argues in favor of restrictions on trade; he argues that everything can be produced at lower cost in other countries. The likely flaw in Congressman Smith's reasoning is that he ignores the fact that

a. there is no evidence that any worker ever lost his or her job because of free trade. b. unemployment of labor is not a serious problem relative to other economic problems. c. the gains from trade are based on comparative advantage. d. the gains from trade are based on absolute advantage.

Which statement is true?

A. Some monopolists are imperfect competitors. B. Most monopolists are imperfect competitors. C. All monopolists are imperfect competitors. D. None of these statements are true.