A tariff is a tax imposed by a government on imports
Indicate whether the statement is true or false
TRUE
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You view tea and scones as perfect complements, and the corners of the indifference curves lie on the 45-degree line. Tea is plotted along the horizontal axis of the indifference map
Also, at your current point of consumption, you have not fully exhausted the available budget, and you consume more tea than scones. Based on this information, which of the following statements is NOT true? A) The marginal utility of tea equals zero for your current consumption bundle. B) The marginal utility of scones equals zero for your current consumption bundle. C) To reach the point of optimal consumption, you must increase your scone consumption. D) The equal marginal principle does not have to be satisfied at the optimal consumption point for this problem.
The law of demand holds that as prices of goods decrease, people are willing to buy more
a. True b. False Indicate whether the statement is true or false
Refer to the Article Summary. Assume countries initially enacted protectionist measures against Chinese steel imports. If these protectionist measures were eventually eliminated, then all else equal, the price of steel in those countries would ________ and the quantity of steel demanded in those countries would ________.
A) decrease; decrease
B) increase; decrease
C) decrease; increase
D) increase; increase
?For a perfectly competitive firm, ____.
a. ?price is less than marginal revenue at all output levels b. ?price equals marginal revenue at all output levels c. ?price exceeds marginal revenue at all output levels d. ?price is less than marginal revenue only at the profit-maximizing quantity e. ?price equals marginal revenue only at the profit-maximizing quantity