A quota brings a more serious misallocation of resources than a tariff.
Answer the following statement true (T) or false (F)
True
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The situation in which one firm can produce the total output of the market at lower cost than several firms is called
A) natural monopoly. B) pure monopoly. C) ruling monopoly. D) cost monopoly.
When buying a used car from a dealer, showing up in cheap clothing and ungroomed is an example of:
A. statistical discrimination. B. signaling. C. screening. D. building a reputation.
The four-firm concentration ratio measures the:
A. percentage of total output in a market produced by the four largest firms. B. elasticity of demand of the four largest firms in an industry. C. average cost of the four largest firms in an industry. D. number of firms in an industry.
Which of the following would be primarily determined in the resource market?
A. The amount of money in circulation. B. The price of compact discs. C. The wage rates for electricians. D. The number of automobiles produced.