Consumers ________ from a tariff because they pay a ________ price to producers so they purchase a ________ quantity of the good
A) lose; lower; smaller
B) win; lower; larger
C) win; higher; smaller
D) lose; higher; smaller
E) lose; higher; larger
D
You might also like to view...
For a monopoly firm, which of the following equalities is always true?
a. price = marginal revenue b. price = average revenue c. price = total revenue d. marginal revenue = marginal cost
Technological change that makes it easier to produce in a "cleaner" fashion would cause
A) the marginal cost curve of pollution abatement to shift left, increasing the degree of air quality. B) the marginal cost curve of pollution abatement to shift right, increasing the degree of air quality. C) the marginal benefit curve of pollution abatement to shift right, increasing the degree of air quality. D) the marginal benefit curve of pollution abatement to shift left, increasing the degree of air quality.
The exit of farms from a market should
A. Increase the equilibrium market output. B. Decrease the equilibrium market price. C. Increase the equilibrium market price. D. Shift the agricultural market supply curve to the right.
A firm is operating such that the marginal product of labor is 48 and the marginal product of capital is 12. The firm is minimizing its costs only if
A. since capital is more productive than labor, the firm must be minimizing cost. B. the rental rate is one fourth the wage. C. the wage is one fourth the rental rate. D. Given this information the firm can't be minimizing cost under any circumstances.