Recall this discussion from the text. The supply of 20-year-old French wine has a price elasticity of supply of

Which of the following is not an argument used in favor of protectionism?

A. to protect an "infant" industry B. to reduce prices paid by domestic consumers C. to preserve national security D. to protect against "unfair" competition because of cheap foreign labor

The term cross-price refers to the idea that:

a. the price of one good is affecting the quantity demanded of a different good. b. the demand of one good is affecting the quantity demanded of a different good. c. the price of one good is affecting the quantity supplied of a different good. d. the supply of one good is affecting the quantity demanded of a different good.