A legal restriction on the amount of a good that can be imported into a country is known as a
A) voluntary restraint agreement.
B) tariff.
C) quota.
D) Domestic Protection Restraint (DPR).
C
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In the figure above, if the market price is $12, then the total consumer surplus is
A) $12. B) $10. C) minimized. D) $240. E) $480.
An efficient solution to a pricing problem
a. makes both buyers and sellers better off than any other possible solution. b. may not be the socially "fair" solution. c. occurs when producers' total cost of production equals consumers' total utility from the output produced. d. maximizes the output of the good being priced.
Most of the non-cash retail payments made each year in the United States are made by:
A. check. B. electronic funds transfers. C. debit card. D. credit card.
Suppose that Figure 10.5 shows an industry's market demand, its marginal revenue, and the production costs of a representative firm. If the industry was perfectly competitive, it will produce a quantity of ________ and charge a price of ________.
A. 35; $65 B. 50; $50 C. 70; $30 D. There is not sufficient information.