Refer to the information provided in Figure 33.3 below to answer the question(s) that follow. Figure 33.3Refer to Figure 33.3. The domestic price of shoes is $80. After trade the price of a pair of shoes is $60. After trade this country will import

Which of the following is likely among the most concentrated industries in the United States?

A) printing and publishing B) soft drinks C) tobacco products D) household vacuum cleaners

The Bumpy Ride Suspension company makes springs for bicycle seats. Currently the springs sell for $5 each. Being profit maximizers, the company makes just enough springs so that the marginal cost of the last spring produced is $5 . Their average total

cost at that output is $3.50 . If they currently produce 1,000 springs and the market price falls by $1, approximately how much profit will be lost? a. all of the profit will be lost b. profit will fall by $1 per spring c. there will be no loss of profit d. more than $1,000 but less than $1,500 e. less than $1,000