We assume that in the long run in a perfectly competitive market:

Refer to Table 4-3. The table above lists the marginal cost of polo shirts by Marko's, a firm that specializes in producing men's clothing. If the market price of Marko's polo shirts is $18

A) producer surplus will equal $22. B) Marko's will produce four shirts. C) there will be a surplus; as a result, the price will fall to $7. D) producer surplus from the first shirt is $18.

Globalization has depressed wages in western industrialized countries, particularly those for

A) highly skilled workers. B) highly educated workers. C) semi-skilled workers. D) low skilled workers.