In the long run, a competitive market with 1,000 identical firms will experience an equilibrium price equal to the minimum of each firm's average total cost

Countervailing duties are:

a. applied to dumped imports. b. applied to subsidized imports. c. another name for safeguard duties. d. not allowed under terms of the GATT.

All economic questions arise because we

A) want more than we can get. B) want more than we need. C) have an abundance of resources. D) have limited wants that need to be satisfied.