Special interest groups often
a. represent broad questions of public interest.
b. pursue rent-seeking behavior

Which of the following statements is true?

a. When a monopoly firm sells an additional unit of output, its revenue increases by an amount less than the price. b. When a monopolistic firm decides to increase price, its profit will increase. c. When a competitive firm sells an additional unit of output, its revenue increases by an amount less than the price. d. Average revenue is the same as price for both competitive and monopoly firms.

Refer to Figure 7-3. What is the value of revenue to foreign producers who are granted permission to sell in the U.S. market when there is a quota?

A) $12 million B) $17.25 million C) $20 million D) $44 million