Examlex
Which of the following is NOT one of the four main reasons given for the persistence of trade barriers?
Substitution Effect
The economic understanding that as prices rise or income decreases, consumers will replace more expensive items with less costly alternatives.
Income Effect
The change in an individual's or economy's purchasing power due to a change in income, affecting the quantity of goods and services bought.
Marginal Revenue Product
The additional revenue generated from employing one more unit of a resource.
Dual Labor Market Theory
An economic theory that suggests the labor market is divided into two segments: the primary market, with secure, well-paid jobs, and the secondary market, characterized by low pay, job insecurity, and little room for advancement.
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