A supply restriction on imported goods, such as the government's restriction of imported oil for many years, is referred to as
A) an export quota.
B) an import quota.
C) a price floor.
D) a price ceiling.
Answer: B
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Suppose a single-price monopoly sells 3 units of a good at $20 per unit. If the monopoly sells 4 units, the total revenue increases to $72. What is the marginal revenue of the fourth unit?
A) $52 B) $18 C) $60 D) $12 E) $20
If the income elasticity of demand for a Miami Dolphins season ticket is 2.34, then are Dolphins season tickets a normal or an inferior good?
What will be an ideal response?
The table above shows the marginal private benefit, marginal social benefit, and marginal cost of education at the College of Epsilon. What is the equilibrium number of students at the college if the market is unregulated?
A) 1,000 B) 3,000 C) 4,000 D) 5,000
Under perfect competition, entry of new firms into the market in the long run tends to:
a. raise the aggregate supply. b. raise the level of profit of the existing firms. c. raise the aggregate demand for goods. d. reduce the degree of competitiveness in the market. e. reduce the market power of the existing firms.