In the World View article on new tariffs on imported steel from China, the tariff is designed to
A. Protect U.S. steel consumers.
B. Protect Chinese workers who produce steel.
C. Protect U.S.-based import-competing industries.
D. Protect U.S. steel distributors.
Answer: C
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What will be an ideal response?
Two firms, A and B, are in the market and barriers to entry keep other firms from entering. The managers are involved in a Cournot oligopoly and the figure shows the best response curves for the two firms . In the Cournot equilibrium, Firm A produces ________ units per year and Firm B produces ________ units per year.
A) 250; 200 B) 400; 200 C) 250; 500 D) 200; 100
Asymmetric information is
A) when a market failure occurs. B) an externality. C) when the producer has information on the product that the consumer lacks. D) the regulatory price for a natural monopoly.
If marginal cost is greater than average variable cost, average variable cost will:
A. increase as output increases. B. equal average total cost. C. not change as output increases. D. decrease as output increases.