Suppose an import-competing firm is imperfectly competitive. Replacement of an export tariff with an import quota that yields the same level of imports will ________ market price, ________ producer surplus, ________ consumer surplus, ________
government revenue, and ________ overall domestic national welfare. A) increase; increase; decrease; decrease; decrease
B) have no effect on; have no effect on; have no effect on; decrease; decrease
C) increase; have no effect on; decrease; decrease; increase
D) increase; increase; increase; decrease; have an ambiguous effect on
E) decrease; decrease; increase; decrease; increase
A
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In Europe, government regulations discourage consumer credit. "It's to protect the consumer from himself," says Jacques Zeegers, secretary general to the Belgian Banking Association. As far as Mr. Zeegers is concerned, the government should worry that there is a failure caused by:
A. rationality problems of individuals. B. violations of inalienable rights. C. economic efficiency. D. distributional issues.
If a firm in a perfectly competitive market raises its price
A. it will sell more products. B. it will sell nothing. C. its sales will remain unchanged. D. it will sell fewer products.
A market structure characterized by a small number of interdependent sellers is called a(n)
A. monopsony. B. oligopoly. C. monopoly. D. monopolistic competition.
Having a refundable deposit for recyclable material
A) raises the marginal private cost of disposal. B) raises the marginal social cost of disposal. C) lowers the marginal private cost of disposal. D) lowers the marginal social cost of disposal. E) does not affect disposal costs.