Refer to the figure above. Domestic consumers of this product in A would most prefer
A) a customs union with C.
B) a customs union with B.
C) a free trade agreement with C.
D) no agreement with either country.
B
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A firm will maximize profit at the level of output where:
A) its marginal revenue equals total cost. B) its marginal revenue equals marginal cost. C) its total cost equals total revenue. D) its average revenue equals average cost.
What is the output gap? How does it change when the economy goes into recession?
What will be an ideal response?
When a firm's demand curve is tangent to its average total cost curve, the
a. firm's economic profit is zero. b. firm must be earning economic profits. c. firm must be incurring economic losses. d. firm must be operating at its efficient scale.
In the above table, when output is 8 units, average total costs are
A. $38. B. $4.75. C. $3.50. D. $28.