A tariff is a
A) legal limit on sales of a foreign product in the domestic market.
B) regulation of the quality of a foreign product sold in the domestic market.
C) tax on sales of a foreign product in the domestic market.
D) voluntary limit on sales of a foreign product in the domestic market.
Answer: C
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The marginal rate of substitution is
A) the rate at which the consumer will give up one good to get an additional unit of another good while remaining on the same indifference curve. B) the rate at which utility increases as the consumer increases purchases of a good, holding purchases of the other good constant. C) the rate at which a consumer will exchange a good for income holding prices constant. D) None of the above answers is correct.
The maximum price that consumers are willing to pay for the hundredth unit of a good can be found as
a. the height of the supply curve at a quantity of 100. b. the height of the demand curve at a quantity of 100. c. the difference between the height of the supply and demand curves at a quantity of 100. d. none of the above.