An import quota does which of the following?
a. decreases the price of the imported goods to consumers
b. increases the price of the domestic goods to consumers
c. increases the domestic quantity demanded
d. both (a) and (c)
b
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The demand curve for a perfectly competitive firm is horizontal because
A) consumers are willing to pay any price to obtain its product. B) its production decisions cannot influence the market price. C) the firm profits from setting its price higher than the market price. D) its product is easy for consumers to differentiate from those of other firms.
Total revenue decreases as output increases when demand is:
A. downward sloping. B. perfectly elastic. C. price inelastic. D. price elastic.
The different stages of production of any commodity can be said to possess high volumetric interdependence if the output produced in any one of the stages affects the output produced during the subsequent stages
Indicate whether the statement is true or false
What was the lowest federal funds rate target the Fed set in response to the financial crisis?
a. 0% b. 1.8% c. 2.0% d. 2.2%