A change in supply is represented by a shift of the supply curve
Indicate whether the statement is true or false
TRUE
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A tariff is
A) a subsidy granted to importers of a vital input. B) a tax imposed by a government on goods imported into a country. C) a limit placed on the quantity of goods that can be imported into a country. D) a health and safety restriction imposed on an imported product.
For most commonly used social welfare functions, an efficient allocation is
A) always preferred over any inefficient allocation. B) not possible. C) usually preferred. D) never preferred.
If new entry occurs in a perfectly competitive industry, the demand curve for each existing firm will: a. shift up
b. shift down. c. shift right. d. shift left.
All of the following are long-run changes, except:
A. An industry expands as more firms enter it B. A firm moves into larger production facilities to expand production C. Some firms decide to leave an industry and the industry contracts D. A firm produces more output by acquiring more raw materials for its existing factory