Figure 11-1
?


In Figure 11-1, the economy is experiencing a(n)

Refer to Scenario 9.1. The socially optimal outcome occurs when Sheb places ________ sheep on the commons and Monty places ________ sheep on the commons

A) 4; 4 B) 4; 5 C) 5; 4 D) 5; 5

The quantitative importance of U.S. protection of the domestic clothing industry is best explained by the fact that

A) this industry is an important employer of highly skilled labor. B) this industry is an important employer of low skilled labor. C) most of the exporters of clothing into the U.S. are poor countries. D) this industry is a politically well organized sector in the U.S. E) the technology involved is very advanced.