Price is a limited decision variable in which of the following market organizations?
A. monopoly
B. perfect competition
C. monopolistic competition
D. oligopoly
Answer: C
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Refer to the figure above. If A forms a customs union with C, the value of trade diversion will be
A) $0. B) $10,000. C) $20,000. D) $40,000.
A government can impose an import quota or an equivalent tariff that achieves the same impact on trade. What is the key difference in the welfare outcomes of these two policy options?
A) The domestic quantity supplied is larger under the tariff policy. B) The domestic price is higher under the tariff policy. C) The domestic price is lower under the tariff policy. D) The government captures some of the profits from foreign suppliers through the tariff revenue.
When graphed, total variable cost must
a. first slope down and then slope up b. always have a positive slope c. always have a negative slope d. first slope up and then slope down e. be a horizontal line
Within the U.S. population, women of prime working age (ages 25-54) have similar rates of labor-force participation than men of prime working age (ages 25-54), regardless of race
a. True b. False Indicate whether the statement is true or false