Domestic producers require time to gain experience and lower their unit costs; this will allow these producers to compete successfully in international markets. This statement describes the ________ argument for protectionism
A) protecting national security B) diseconomies of scale
C) infant industry D) anti-dumping
C
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Which of the following statements is the most important reason that medical care markets do not fit the competitive model very well?
a. Consumers have a difficult time evaluating the quality of care. b. There are so many not-for-profit providers in the market. c. There are too many low-income consumers desiring to purchase medical care. d. Consumers have a difficult time determining prices before the transaction is completed. e. Providers find it easy to transfer their resources to other uses.
In perfect competition, marginal revenue, average revenue, and ______ are all equal.
a. percentage revenue b. quantity c. total revenue d. price
Refer to the information provided in Table 19.7 below to answer the question(s) that follow.
Table 19.7 
Refer to Table 19.7. The tax rate structure in this example is
A. regressive. B. marginal. C. proportional. D. progressive.
Now suppose competition among several market makers forces the spread down to $4 . How many goods are traded?
a. Four b. Five c. Six d. Seven