If a country imposes a tariff on imported shoes, we expect the domestic price of shoes to _______ and the quantity of shoes consumed in the domestic market to _______ .
A) fall; fall
B) fall; rise
C) rise; fall
D) rise; rise
Ans: C) rise; fall
Economics
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A deadweight loss is the loss to society of not producing the supply-and-demand determined level of output
Indicate whether the statement is true or false
Economics
For a given increase in supply, the condition of demand that will result in the most significant change in quantity is when demand is
A. inelastic. B. perfectly inelastic. C. perfectly elastic. D. elastic.
Economics
A situation where quantity demanded exceeds quantity supplied is called a(n) ______.
a. substitution b. equilibrium c. shortage d. surplus
Economics
Firms have ________ over their ________ costs in the short run.
A. no control; fixed B. control; overhead C. no control; variable D. control; fixed
Economics