A tariff has the effect of:
a. raising the price of the exported product.
b. increasing the demand for the exported product.
c. increasing the demand for the imported product.
d. increasing the supply of the imported product.
e. raising the price of the imported product.
e
Economics
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Many agricultural products, such as wheat, are produced by thousands of different producers that grow essentially the same product. The market structure that best describes such a model is:
a. perfect competition. b. monopoly. c. monopolistic competition. d. oligopoly. e. monopsony.
Economics
In graph 1, the quantity shifts from q1 to q2. What change in graph 2 causes this to happen?
a. Demand decreases.
b. Demand increases.
c. Supply decreases.
d. Supply increases.
Economics