Q1. Explicate four of problems with the argument which trade protection is needed to protect American jobs.
Q2. Empirical studies indicate which the LAC curve is L-shaped. Illustrate what does this mean for the survival of small firms in the industry?
Q3. A monopoly has the cost function TC=1/3Q^3-5Q^2+23Q+25, where TC is the total cost and Q is the output. Illustrate what is the profit-maximizing level of output, if the market demand is given as Q=-2p+90?