For a firm to become a monopoly in an industry
A) barriers to entry must exist.
B) the firm must charge higher prices than its competitors.
C) the firm must produce a faulty product.
D) the firm will engage in unfair practices to drive all competitors out of the market.
A
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The United States imports cheese from a variety of countries. The table above gives the domestic supply of, and demand for, cheese in the United States. The world price of cheese is $12 per pound, and trade is unrestricted
a. How many pounds of cheese are consumed in the United States? b. How many pounds of cheese are produced in the United States? c. How many pounds of cheese are imported into the United States? If a $3 per pound tariff is imposed, d. How many pounds of cheese are consumed in the United States? e. How many pounds of cheese are produced in the United States? f. How many pounds of cheese are imported into the United States? g. How much will the U.S. government collect in tariff revenue? h. Who benefits from the tariff? Who loses?
Which of the following strategies does your text suggest would allow a poorer nation to "catch up" to richer nations?
A) Unionization B) Higher minimum wages C) Lower interest rates D) Adoption of advanced technology E) Minimizing imports and maximizing exports