If import restrictions prohibit foreigners from selling various goods and services in the U.S. market,
What will be an ideal response?
foreigners will have fewer U.S. dollars with which to buy U.S. goods and services.
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Whether in a natural monopoly or a simple monopoly, the regulated price of electricity is theoretically supposed to be set where
A. marginal cost equals zero. B. there is no accounting profit. C. there is no economic profit. D. marginal revenue is zero.
How would the imposition of tariffs on imported leather boots be likely to affect domestic boot manufacturers?
a. Foreign competition would increase. b. Prices for domestic boots will be lower. c. Boot prices will rise and sales increase. d. Imports will outsell domestic boots.
If average cost is falling, marginal cost must also be falling.
Answer the following statement true (T) or false (F)
Which is not true of price discrimination?
A. Successful price discrimination requires that different segments of the market have different demand elasticities B. Successful price discrimination will provide the firm with more profit than if it does not discriminate C. Successful price discrimination implies that the producer can separate customers into easily identifiable groups D. Successful price discrimination will generally result in a lower level of output than would be the case under a single-price monopoly