The labor supply curve is usually upward sloping

A basic problem with the infant-industry argument is that

a. most industries need protection when they are mature, not when they are first established. b. the amount of the tariff is unlikely to have much impact on the success of an infant industry. c. political pressure will likely prevent the withdrawal of the tariff when the industry matures. d. domestic consumers will continue to buy the foreign products anyway, regardless of the tariff.

A situation in which a benefit or a cost associated with an economic activity spills over to third parties is called

A) a public good. B) a merit good. C) an externality. D) the free-rider problem.