An import quota will make the supply curve for the imported good
A) perfectly inelastic.
B) perfectly elastic.
C) unitary elastic.
D) negatively sloped.
A
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Suppose the relationship between a person's age and his or her height is plotted with the age measured along the x-axis and the height measured along the y-axis. Then, the curve showing this relationship is
A) a straight line with a positive slope. B) positively sloped and becoming less stee
Tom's marginal utility of Mountain Dew exceeds his marginal utility of crackers at his consumer equilibrium. Therefore, his consumer surplus from Mountain Dew must exceed his consumer surplus from crackers
Indicate whether the statement is true or false
Which of the following is the correct way to describe equilibrium in a market? a. At equilibrium, demand equals supply
b. At equilibrium, quantity demanded equals quantity supplied. c. At equilibrium, market forces no longer apply. d. At equilibrium, the "fairest" price for output is achieved.
The law of diminishing marginal utility implies that the marginal utility of my fifth hot dog is less than the marginal utility of my second soda
Indicate whether the statement is true or false