Consider an industry with two firms producing similar products. Each firm's total cost (in dollars) is given below. Mega Corp: TC = 5,000 + 100Q Big Inc: TC = 4,000 + 200Q When each firm produces 8 units, ________ has a lower total cost, and when each firm produces 12 units, ________ has a lower total cost.

The clothing industry has many firms with differentiated products and no barriers to entry. The cereal industry has a few firms with either identical or differentiated products and moderate barriers to entry

The food industry is characterized as ________ and the cereal industry is characterized as ________. A) perfect competition; monopolistic competition B) monopolistic competition; oligopoly C) oligopoly; monopolistic competition D) perfect competition; perfect competition E) monopolistic competition; monopoly

One claim that trade barrier proponents use to enforce environmental standards is that

A) environmental standards do not reduce industrial competitiveness and do not induce race-to-the-bottom, where countries are forced to rescind their standards in order to maintain employment. B) high standards in industrialized nations motivates some firms to "export pollution" to developing countries by relocating their dirty industries. C) enforcing environmental standards is essential, as there are no differences between labor standards and environmental standards. D) all environmental impacts are non-transboundary. E) None of the above.