If the demand for a particular farm product is inelastic between price P1 and P2 (where P2 > P1), farmers as a group would want to sell their product at the
A) higher price, but an individual farmer would rather sell his product at the lower price.
B) higher price, and an individual farmer would rather sell his product at the higher price, too.
C) lower price, but an individual farmer would rather sell his product at the higher price.
D) lower price, and an individual farmer would rather sell his product at the lower price, too.
B
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Firms that produce ________ products must be ________ competitive
A) differentiated; imperfectly B) differentiated; perfectly C) standardized; imperfectly D) standardized; perfectly E) exported; imperfectly
A financial market panic that causes US depositors to withdraw their funds from Chinese banks, would cause a(n)________ in the demand of US dollars and a(n) _________in the supply of the Chinese Yuan
a. Increase; Increase b. Increase; Decrease c. Decrease; Increase d. Decrease; Decrease
The primary difference between an import tariff and an import quota is that
a. tariffs cause prices to rise, but quotas do not b. quotas cause prices to rise, but tariffs do not c. tariffs result in a net welfare loss, but quotas do not d. quotas result in a net welfare loss, but tariffs do not e. tariff revenues go to government, but quotas benefit those with the right to sell foreign goods domestically
The sum of the ________ flows is equal to the cost of the goods and services at their final use.
Fill in the blank(s) with correct word