Refer to Figure 9-4. Suppose the government allows imports of leather footwear into the United States. What will be the quantity of imports?

Which of the following is an example of anchoring in retail prices?

A) Price tags on the merchandise list a "high" price that is charged at a competing retailer and the a much lower price that the store actually charges. B) An appliance store lists a commercial-quality coffee maker that has high capacity and is very expensive, and all of the other coffee makers are smaller and less expensive. C) Restaurant menus include a premium entree like a steak and lobster dinner that is very expensive, and all of the other entree choices are priced at lower values. D) all of the above

In a perfectly competitive market, a firm in long-run equilibrium will be operating

A) to the right of the minimum of the long-run average cost curve. B) to the left of the minimum of the long-run average cost curve. C) at the minimum of the long-run average cost curve. D) at the minimum of the marginal cost curve.