If Japan imposes a quota on imports of rice, the effect will be
a. less rice and higher price in Japan, lower rice prices in exporting countries.
b. more rice and higher price in Japan, higher rice prices in exporting countries.
c. less rice and lower price in Japan, higher rice prices in exporting countries.
d. more rice and lower price in Japan, lower rice prices in exporting countries.
e. less rice and higher price in Japan, higher rice prices in exporting countries.
a
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Suppose the government imposes a tax that reduces the quantity sold in the market after the tax to Q2. The price that sellers receive is
A. P0. B. P2. C. P5. D. P8.
Suppose the airplane market is an oligopoly. According to the figure above, if the firms act as a monopolist, the quantity produced will be ________ planes per week and if the firms act as competitors the quantity produced will be ________ planes per
week. A) 6; 12 B) 12; 6 C) 0; 6 D) 12; 0 E) None of the above answers is correct.
In the cigarette industry either R. J. Reynolds or Phillip Morris, for a time, raised prices twice a year by about 50 cents per carton. The other firms in the industry raised their prices by the same amount. Economists call this
a. predatory pricing. b. a price war. c. price leadership. d. sales maximization.
Labor-augmenting technological advances increase the marginal productivity of labor
a. True b. False Indicate whether the statement is true or false