Suppose the country of Mooland imposes a tariff on imported beef from the country of Aqualand. As a result of the tariff, the
A) price of beef in Mooland falls.
B) quantity of beef exported by Mooland increases.
C) quantity of beef imported by Mooland decreases.
D) quantity of beef imported by Mooland increases.
C
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If the four-firm concentration ratio in an industry increases, the industry
a. must have become more competitive. b. must have become a monopoly. c. must have become less competitive, although not necessarily a monopoly. d. may or may not have become less competitive.
Marginal revenue product measures the:
A. amount by which the extra production of one more worker increases a firm's total revenue. B. decline in product price that a firm must accept to sell the extra output of one more worker. C. increase in total resource cost resulting from the hire of one extra unit of a resource. D. increase in total revenue resulting from the production of one more unit of a product.