Hewlett-Packard will not raise the prices of its personal computers without first considering how Dell might respond. This is evidence of
A) collusion. B) cutthroat competition.
C) price fixing. D) interdependence.
D
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Use the following figure to answer the next question.
If the firm is producing at Q1, the area BADE represents the
A. average variable cost. B. total variable cost. C. total fixed cost. D. total cost.
Which of the following is determined by dividing the firm's total costs by the quantity of its output?
a. Implicit cost b. Fixed cost c. Variable cost d. Average cost
The U.S. catfish industry successfully petitioned the U.S. government to require that catfish varieties imported from Vietnam be labeled as "tra," "basa," or "pangasius." This is an example of which of the following?
A) an embargo B) a tariff C) a nontariff barrier D) a direct price influence
An import quota on a product protects domestic industries by:
A. reducing the foreign supply to the domestic market and, thereby, raising the domestic price. B. increasing the foreign supply to the domestic market and, thereby, lowering the domestic price. C. increasing the domestic demand for the product and, thereby, increasing its price. D. providing the incentive for domestic producers to improve the efficiency of their operation and, thereby, reduce their per-unit costs of production.