If a country imposes a $10 tariff on a foreign monopolist, the domestic price will rise by:
a. more than $10.
b. $10.
c. less than $10.
d. $0.
Ans: c. less than $10
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How much money to hold is an application of the:
A. cost-benefit principle. B. scarcity principle. C. principle of increasing opportunity cost. D. principle of comparative advantage.
If as output increases average product increases, then ________
A) average total cost decreases B) average fixed cost decreases C) marginal cost decreases D) average variable cost decreases
Which of the following causes average total cost to rise at high levels of output?
a. diminishing marginal product b. average fixed costs c. plant underutilization d. economies of scale
Better insurance benefits increase the incentive of some individuals to work. This statement is best described as
A. a comparative economics statement. B. a positive statement. C. an example of the ceteris paribus assumption. D. a normative statement.