Which of the following would be expected if the tariff on foreign-produced automobiles were increased?
What will be an ideal response?
The supply of foreign automobiles to the domestic market would decline, causing auto prices to rise.
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How does marginal cost change as output increases (a) initially and (b) eventually?
What will be an ideal response?
A current account surplus exists when
A. net exports are positive. B. net exports are negative. C. financial flows out of a country for goods and services exceeds financial flows into the country for its goods and services. D. imports exceed exports.
Which is necessarily true for a purely competitive firm in short-run equilibrium?
A. Marginal revenue minus marginal cost equals zero B. Price minus average total cost equals zero C. Total revenue minus total cost equals zero D. Marginal revenue is zero
The marginal product of labor is the change in
a. total output from employing one more worker b. total cost from employing one more worker c. average product from employing one more worker d. total output divided by the change in cost from employing one more worker e. total revenue from employing one more worker