A quota represents
A) A combination of ad valorem and specific tariffs.
B) A quantitative restriction on the amount of good that may be imported.
C) A compromise between taxpayers and consumers.
D) None of the above.
Answer: B
You might also like to view...
Essential goods give rise to corner solutions.
Answer the following statement true (T) or false (F)
The cost of building a blast furnace for an iron and steel firm would be categorized as a: a. total cost
b. fixed cost. c. variable cost. d. marginal cost.
Suppose marginal cost is constant and equal to 100 and market demand is given by Qd = 20- 1/10P. A profit-maximizing monopolist will set price equal to:
A. 150. B. 100. C. 10. D. 300.
Perfectly inelastic demand is represented as a vertical line.
Answer the following statement true (T) or false (F)