What has been the most significant obstacle to progress in the Doha Round?
What will be an ideal response?
Agriculture and agricultural support policies
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Which of the following would not increase the price of books?
a. A new literacy program that encourages reading. b. A $10,000 permission fee paid for the right to reprint an author's work. c. An increase in the price of the ink used to print the books. d. Higher costs for the glycerin used to make the glue with which the books are bound.
Moving down along the market demand curve for hot dogs, the
A) maximum price that people are willing to pay for hot dogs increases. B) marginal social benefit of hot dogs decreases. C) marginal social cost of hot dogs increases. D) consumer surplus of the last hot dog consumed increases.
The above figure shows the market for crude oil. If a consumer group convinces the government to set a maximum price of $2 per barrel, then
A) 300 barrels of crude oil will be sold at $2. B) zero barrels of crude oil will be sold. C) zero barrels of crude oil will be demanded. D) None of the above.
Product differentiation makes the demand for a monopolistically competitive firm's product:
A. perfectly elastic. B. more elastic than for a monopoly. C. more inelastic than for a monopoly. D. perfectly inelastic.