Campaign speeches normally include normative economic statements
a. True
b. False
Indicate whether the statement is true or false
True
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The greater the product differentiation,
a. the more elastic a firm’s demand curve. b. the less elastic a firm’s demand curve. c. the less the price difference between competing firms. d. the closer to perfect competition.
Refer to Figure 18.1. With an import ban, what is the equilibrium quantity of gloves in Duckland?
A. 100 B. 80 C. 60 D. 40
A four-firm concentration ratio measures
A) the extent to which industry sales are concentrated among the four largest firms in the industry. B) the price elasticity of demand among the four largest firms in an industry. C) the number of firms in an industry. D) the price elasticity of demand in an industry.
Voluntary export restraints (VERs)
A) do not protect domestic producers. B) raise revenue for the governments involved. C) raise the prices paid by domestic consumers. D) Both answers B and C are correct.