Suppose when the price of jean-jackets increased by 10 percent, the quantity supplied increased by 16 percent. Based on this information the price elasticity of supply of jean-jackets is

The WTO has encouraged nations to replace their import quotas with tariffs. Why?

a. Quotas are more difficult to administer for the customs people. b. Quotas are more discriminatory. c. Quotas hurt domestic firms more than tariffs. d. Quotas result in larger losses than tariffs with equivalent protection on domestic monopolists.

The 1890 Sherman Antitrust Act makes it illegal for firms to:

a. raise prices in an attempt to increase profits. b. engage in tacit collusion. c. engage in price discrimination. d. behave together like a monopolist.