An excise tariff is:
A. the fee an importing firm must pay to the domestic government on each unit it brings into the domestic market.
B. a restriction limiting the quantity of imported goods that can legally enter a domestic market.
C. a fixed fee that an importing firm must pay the domestic government in order to have the legal right to sell the product in the domestic market.
D. None of the statements are correct.
Answer: A
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Due to inflation, nominal prices are usually
A) equal to real prices. B) smaller than real prices. C) larger than real prices. D) a constant proportion different from real prices.
A monopolist's short-run supply curve is
a. its average fixed cost curve b. the part of the marginal cost curve above the average variable cost curve c. the part of the marginal cost curve below the average variable cost curve d. nonexistent e. its demand curve
The above figure shows the payoffs to two firms deciding to open a gasoline station in an isolated town. If firm A decides first, what will happen? If there is a $60 fee to enter this market, what will happen?
What will be an ideal response?
Figure 7.3
The price of Video Game rentals is $2 For MUA/$ and $4 for MUB/$.The price of Energy Drinks is $2.Budget = $28.Refer to Figure 7.3. If the price of video game rentals drops from $4 to $2, the marginal utility per dollar at the utility maximizing combination is ________ utils for video game rentals and ________ utils for energy drinks.
A. 18; 18 B. 18; 16 C. 16; 16 D. 8; 16