A lump-sum tax per unit on imports is known as
a. a specific tariff
b. an effective tariff
c. a specific quota
d. an effective quota
e. an ad valorem quota
A
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If the market price of a product falls and as a result total revenue of firms falls, we can conclude that
A) demand is elastic in this price range. B) the product's price is above the midpoint of its demand curve. C) demand is inelastic in this price range. D) the demand curve is horizontal.
If a college student's demand for newspaper subscriptions is more price-elastic than a business executive's demand for newspaper subscriptions, which of the following pricing strategies would a price-discriminating newspaper publisher follow?
A. Set price according to the marginal cost of printing the newspaper B. Charge a higher price to college students C. Charge a higher price to business executives D. Charge the same rate to college students and business executives