The selling of a good or service abroad at a price below production costs is
A. price discrimination.
B. price differentiation.
C. dumping.
D. marginal cost selling.
Answer: C
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Which of the following signals the start of a new expansion?
a. A boom period b. A peak c. An inflation d. A contraction e. A trough
An employer that only employs applicants who have college degrees is an example of
A. proofing. B. moral hazard. C. mandating that information be shared. D. screening.
The total amount of consumer surplus and producer surplus is at its maximum when
A) consumers and producers are allowed to trade at the market clearing price. B) the government imposes a price floor that is higher than the market clearing price. C) the government imposes a price ceiling that is lower than the market clearing price. D) free market exchanges do not exist.
An accounting identity
A. is useless in analyzing balance of payments since one cannot tell from the identity whether an equilibrium exists or not. B. ensures a balance but does not ensure an equilibrium. C. applies only to plans of economic agents and not to their actual actions. D. ensures that all balances will be in equilibrium.