Domestic producers prefer quotas to tariffs because quotas raise the price of imports and tariffs do not.
Answer the following statement true (T) or false (F)
False
Both quotas and tariffs raise import prices.
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Creating a market that was previously "missing":
A. redistributes surplus from buyer to seller. B. creates more total surplus. C. redistributes surplus from seller to buyer. D. redistributes surplus from one market to the one that was previously missing.
What does the firm experience when workers are hired after the point at which supply and demand meet?
a. Marginal revenue product rises. b. Marginal productivity increases. c. Variable costs of labor are reduced. d. Additional workers are unprofitable.
Allocative and productive efficiency are achieved under the market structure of:
A. pure competition. B. pure monopoly. C. oligopoly. D. monopolistic competition.
A proof by contradiction can only be used to disprove a statement but not to prove a statement to be correct.
Answer the following statement true (T) or false (F)