A tariff is
a. a law restricting the quantity of a good that may be imported
b. a tax imposed on imports
c. a penalty imposed on consumers for supplying goods to a market
d. the terms of trade between two nations
e. the ratio of opportunity costs in two nations
B
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Major League Baseball teams are similar to other firms in that they use factors of production to produce a product (baseball games). An example of capital used by teams to produce their products is
A) the ballparks where the games are played. B) the labor of baseball players. C) the money teams earn from television contracts and ticket sales. D) the land on which baseball games are played.
Profit-maximizing firms enter a competitive market when existing firms in that market have
a. total revenues that exceed fixed costs. b. total revenues that exceed total variable costs. c. average total costs that exceed average revenue. d. average total costs less than market price.