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a. foreign competitors that could produce quality textile goods at low cost.
b. lower prices of goods that are substitutes for clothing.
c. a decrease in Americans’ demand for clothing, due to increased incomes and the fact that clothing is an inferior good.
d. the fact that the minimum wage in the U.S. has failed to keep pace with the cost of living.

2007-03-23 11:56:12 · 3 answers · asked by investing1987 3 in Social Science Economics

3 answers

A.

2007-03-23 12:03:22 · answer #1 · answered by Jack Chedeville 6 · 0 0

Answer A. other countries gained comparative advantage in textile industries over U.S.
I'm not an American, but the answers are based on simple economics assumptions.

Clothing in general, like food has no substitute, b,c is wrong.

unless we are differentiating brands, then some clothing lines are luxury and some others are more inferior in quality and style. even if income increases, people still need to wear clothes.

2007-03-23 19:51:44 · answer #2 · answered by She-whom-shall-not-be-named 4 · 0 0

A. Just look at the labels on your tops,pants, and in particular shoes. We are really behind in the shoe game.

2007-03-23 21:12:19 · answer #3 · answered by econgal 5 · 0 0

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