When barriers to foreign trade are reduced and firms

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Reference no: EM131391874

1. When barriers to foreign trade are reduced and firms are able to sell in many different markets, firms are likely to become less specialized and smaller

True or false

2. If a new product from China which is a close substitute for a US made product, now becomes available in the US, this will cause the demand for the US product to become less elastic

True or False

3. If the wage paid to workers in the clothing industry in other countries alls, this will benefit the US consumers because the price of clothing will drop.

True or False

4. There are only a few US firms producing product Z, and they have been successfully operating as a cartel. New firms in Asia now begin to sell product Z in the US . As a result, US consumers will be hurt and US producers will benefit

true or false

Reference no: EM131391874

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