Import quotas on products will reduce the quantity of the imported products and:
A. Decrease the price to the consumers
B. Increase the price to the consumers
C. Will not affect the price to the consumers
D. Increase the total quantity of the product consumed
B. Increase the price to the consumers
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The main reason that the deficit grows in a recession is that
a. the government reacts quickly and adjusts taxes to compensate. b. monetary policy that targets interest rates causes the costs of borrowing to fall. c. the deficit causes the recession, and reducing the deficit cures the recession. d. many forms of taxes act as automatic stabilizers.
In the long run
A. the expansion path shows how the input marginal products change as the firm's output level changes. B. all inputs are fixed. C. a firm is making the optimal input choice when the marginal rate of technical substitution is equal to the input price ratio. D. both a and b E. none of the above
Platform businesses such as Google and Facebook:
A. are public utilities. B. use data to retain market power. C. do not face competition. D. are highly regulated.
A representative unit that measures the want-satisfying power of a good is
A) a margin. B) purchasing power. C) income. D) a util.