Refer to the above figure. Which panel represents what happens in the foreign job market in the short-run when U.S. firms substitute labor outside of the U.S. for labor inside the U.S.?

Distinguish between a perfectly competitive firm and a monopolistically competitive firm on the basis of the long-run equilibrium price

What will be an ideal response?

Refer to Table 16-2. What are the total profits from both markets combined?

A) $50 B) $48 C) $18 D) $15