Government standards for products sold in the domestic market can have the effect of protecting domestic producers from foreign competition

Government intervention always results in the optimal mix of output.

Indicate whether the statement is true or false.

In its effort to maximize economic profit, a firm characterized as a price setter must determine:

A) only the price it should charge. B) only the quantity it should produce. C) both the price it should charge and the quantity it should produce. D) neither the price it should charge and the quantity it should produce as these are both determined by forces beyond the firm's control.