Import quotas contribute to higher prices of products imported into the U.S., but tariffs do not
a. True
b. False
Indicate whether the statement is true or false
False
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The small-country monopolist's free-trade equilibrium features a marginal revenue curve equal to __________ and coincident with _____________.
a. marginal cost; the consumer's demand curve for the product b. the world price; the new competitive demand curve for the firm c. one; profits d. imports at each price; the supply curve
Suppose a monopolist faces the constant price elasticity demand curve:
p = Q? where ? < 0. The monopolist has a constant marginal cost of c. a. If ? < -1, can you determine what price and quantity will the monopolist set? Explain. b. If 0 > ? > -1, what is the price and quantity the monopolist will set?
Suppose you were asked, "Can you guess the height of the tallest living man? Is it more than 8 feet?" When people suggest an answer in the question they ask, it is a form of:
A. rule of thumb. B. time inconsistency. C. anchoring. D. positive framing.
Causality is clear and mechanical with the quantity theory of money. If M increases because:
A. V and Q are variable, the price level, P, increases. B. V and Q are variable, the price level, P, decreases. C. V and Q are constant, the price level, P, increases. D. V and Q are constant, the price level, P, decreases.