Country A is a large country that imports good-quality processed chicken from Country B. Suddenly, Country A's government decides to impose a tariff on this import. Who among the following will be adversely affected by this policy?
A. Consumers of chicken in Country B
B. Producers of chicken in Country B
C. Producers of chicken in Country A
D. Consumers of ham in Country B
Answer: B
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A firm that has a great deal of control over the price of a good is said
A) to function in a black market. B) to create a tax incidence. C) to have monopoly power. D) to be in an antitrust position.
For a monopolistically competitive firm ________ at the profit-maximizing quantity, the demand curve must be tangent to the average total cost curve.
A. in long-run equilibrium B. to shut down C. earning short-run profits D. suffering short-run losses
If revenues exceed ________, profit is ________.
A. variable cost; negative B. fixed cost; positive C. total cost; negative D. total cost; positive
If e-books begin to be the most popular form of textbooks, it is
A. likely to increase costs to students. B. in the best interests of publishers and authors. C. likely to be self-defeating for publishers. D. in the best interests of traditional book stores.