Refer to Figure 18.4. With an import ban, what is the equilibrium quantity of gloves in Duckland?
A) 100 B) 80 C) 60 D) 40
C
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Which of the following statements about the comparison between GDP in China and in the United States is CORRECT?
A) Using the exchange rate to value China's GDP in dollars shows that China's GDP per person exceeds the GDP per person in the United States. B) Using purchasing power parity prices to value China's GDP in dollars shows that China's GDP per person exceeds the GDP per person in the United States. C) China's GDP per person is higher using purchasing power parity prices rather than the exchange rate when valuing China's GDP in dollars. D) None of the above answers are correct because they are all false statements.
When the marginal revenue resulting from a decrease in price is negative, demand for the product is:
A) elastic. B) unit elastic. C) inelastic. D) cannot be determined without more information.
The above figure shows the demand and cost curves facing a monopoly. If the firm is a profit maximizer, its Lerner Index will equal
A) 1. B) 1/3. C) 1.5. D) 3.
Consumption or household spending of an economy comprises of both consumer spending and business spending
a. True b. False Indicate whether the statement is true or false