When a country imposes a tariff to protect a domestic monopolist from international competition, it will produce _______ output and charge _______ in a perfectly competitive domestic industry.
a. more; a higher price than
b. the same; the same price as
c. less; a higher price than
d. less; a lower price than
Answer: b. the same; the same price as
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The figure above shows the demand, marginal revenue, and marginal cost curves for Paul's Parrot Pillows, a single-price monopoly producer of pillows stuffed with parrot feathers. When Paul maximizes his profit, he produces ________ pillows per hour
A) 1,000 B) 3,000 C) 4,000 D) 0 E) 2,000
If the GDP deflator is less than 100, then for that year nominal GDP ________ real GDP
A) equals B) is less than C) is greater than D) may be greater than or less than
Making decisions with outcomes are uncertain is ________ and ________.
A) common; easy B) uncommon; easy C) common; difficult D) uncommon; difficult
The public debt is the
a. amount of money the public in general has borrowed b. amount of money owed the U.S. government from loans made during World War II c. total amount of interest-bearing IOUs of the federal government held by individuals, businesses, other government agencies, and the Federal Reserve d. total amount of interest-bearing IOUs held by every sector of the society except government agencies e. total amount of interest-bearing IOUs held only by government agencies