Which of the following decrease if the U.S. imposes an import quota on computer components?
a. U.S. exports and U.S. imports
b. U.S. exports but not U.S. imports
c. U.S. imports but not U.S. exports
d. neither U.S. exports nor U.S. imports
a
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In the above figure, assume d1 is the demand curve faced by this firm. Which is TRUE?
A) This firm is earning an economic profit. B) This firm is experiencing an economic loss. C) This firm is breaking even. D) This firm's total costs equal EJA0.
If the price of a commodity is above marginal cost, then the economy will tend to
A. overproduce the item. B. underproduce the item. C. produce the optimal amount of the item. D. overproduce and underproduce the item cyclically.
A good is characterized by network economies if it:
A. becomes more valuable as more people own it. B. is widely advertised on television. C. can be used by more than one person at a time. D. becomes cheaper to produce as more people buy it.
At a price of $20 each, the demand for t-shirts from a group's fundraising activity is unit elastic. Thus, the group's total revenue from selling t-shirts ________ at a price of $20 each.
A. will equal $0 B. reaches its maximum C. will equal $1 D. reaches its minimum