A quota will typically
A. reduce the price paid by consumers.
B. increase the price received by sellers.
C. reduce the price received by sellers.
D. have no effect on price.
Answer: B
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If the slope of a demand curve is equal to -0.1 then
A) the demand is elastic at low prices and inelastic at high prices. B) as price increases by 10 percent quantity demanded decreases by 1 percent. C) we don't know whether the demand is elastic or inelastic. D) demand is inelastic.
The Federal Trade Commission is charged with
a. supervising cartels in the United States b. aiding small business in contract negotiations with foreign companies c. investigating unfair and deceptive trade practices d. approving contracts between businesses and government e. bringing criminal complaints
On a demand curve, demand is more elastic
A. At higher prices. B. At lower prices. C. At the middle price. D. When demand is unitary.
Unlimited liability exists when
A. the personal assets of the owner of a firm can be seized to pay off the firm's debts. B. the profits of the firm are taxed once. C. a firm dissolves when the owner dies. D. a corporation exists.