If an import-competing firm is imperfectly competitive, than under free trade an import quota will ________ domestic market price, ________ producer surplus, ________ consumer surplus, ________ government revenue, and ________ overall domestic
national welfare. A) increase; increase; decrease; have no effect on; decrease
B) decrease; decrease; increase; decrease; have no effect on
C) increase; have no effect on; decrease; increase; decrease
D) decrease; increase; decrease; increase; decrease
E) have no effect on; have no effect on; decrease; increase; decrease
A
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Efficiency in a market occurs when the production of the good is such that
A) marginal benefit exceeds marginal cost. B) marginal benefit equals marginal cost. C) marginal benefit is lower than marginal cost. D) the marginal cost stops increasing. E) marginal benefit exceeds marginal cost by the maximum amount possible.
According to the text, a military draft is most likely to have which of the following effects on the market for fish? It will
a. increase the supply b. increase the demand c. decrease the supply d. decrease the demand e. lower the price
In 1931, President Herbert Hoover was paid a salary of $75,000 . Government statistics show a consumer price index of 15.2 for 1931 and 237 for 2015 . President Hoover's 1931 salary was equivalent to a 2015 salary of about
a. $4,965. b. $1,169,408. c. $1,057,894. d. $16,080,001.
Suppose that investment is not very responsive to interest rates, so that a sizable increase in interest rates has only a minor effect on investment. In this case, monetary policy would have:
A. a massive effect on output. B. no effect on output. C. a modest effect on output. D. a substantial effect on output.