An import quota will
A) lead to a shift of the demand curve.
B) leave the equilibrium price unchanged and increase the quantity sold.
C) limit the amount of a foreign good that can be brought into the United States.
D) limit the amount of a good local producers can make.
Answer: C
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Low demand consumers are indifferent between second degree and first degree price discrimination.
Answer the following statement true (T) or false (F)
The debate over the efficiency of markets in which products with brand names are sold
a. is framed by the role of regulation in advertising. b. is likely to be resolved by reference to anecdotal evidence. c. hinges on whether consumers are rational in their choices. d. hinges on the effectiveness of advertising that identifies price differences.
Monopolists are price ______.
a. makers b. takers c. followers d. ignorers
Which question did John Maynard Keynes pose for the classical economists?
A. What if their policies led to inflation? B. What if savings and investment were not equal? C. What if government intervention did not cure a recession? D. John Maynard Keynes posed none of these questions