_________ is where it is cheaper for separate products to be produced independently than for one firm to produce the same products jointly.

One big difference between tariffs and quotas is that tariffs

a. raise the price of a good while quotas lower it b. generate tax revenues while quotas do not c. stimulate international trade while quotas inhibit it d. hurt domestic producers while quotas help them e. generate the same outcome as free trade while quotas do not

If your local gasoline station raised its price by 20 percent, its sales of gasoline would decrease substantially because your local gas station

a. has little or no market power. b. is small relative to the size of the gasoline market. c. is a competitive firm. d. All of the above are correct.