The case of ________ has been referred to in the press and business publications as an example of right-minded import protection in the United States.

In the above figure, when this monopolistically competitive firm produces its profit-maximizing output, it sets a per-unit price of

A) $13. B) $11. C) $10. D) $8.

Which of the following statements best characterizes a basic difference between market economies and centrally planned economies?

a. Society relies more upon prices to allocate resources when the economy is centrally-planned than when it is market-based. b. The self-interest of households is reflected more fully in the outcome of a centrally-planned economy than in the outcome of a market economy. c. Government plays a larger role in the economic affairs of a market economy than in the economic affairs of a centrally planned economy. d. None of the above are correct.