The equilibrium price of credit card services is
A) the real quantity of money.
B) determined only by the demand for credit card services.
C) the nominal interest rate.
D) equal to the average cost of credit card services.
C
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An individual seller in perfect competition will not sell at a price lower than the market price because
A) the seller can sell any quantity she wants at the prevailing market price. B) demand for the product will exceed supply. C) the seller would start a price war. D) demand is perfectly inelastic.
The Smoot-Hawley Tariff Act of 1930, like any tariff act, increased the price of the taxed imported goods as well as the domestic price of U.S. goods and services produced in the industries favored by the tariff
Consequently, any tariff negatively impacts U.S. consumers by forcing them to pay higher prices. Indicate whether the statement is true or false