The infant-industry argument for tariff protection is that tariffs should be imposed to protect from competition
A) industries that are essential if a country is to become an industrial nation.
B) industries needed for national defense.
C) industries that cannot compete with foreign competitors at this point in time, but will be able to once they gain some size and experience.
D) industries that can compete with foreign competitors at this point in time and are deemed essential by the government.
C
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Banks try to keep their excess reserves at a maximum in order to maximize profits
a. True b. False Indicate whether the statement is true or false
The market demand for a monopoly firm is estimated to be:Qd = 100,000 - 500P + 2M + 500PRwhere Qd is quantity demanded, P is price, M is income, and PR is the price of a related good. The manager has forecasted the values of M and PR will be $50,000 and $20, respectively, in 2016. The average variable cost function is estimated to beAVC = 520 - 0.03Q + 0.000001Q2Total fixed cost in 2016 is expected to be $4 million. The estimated marginal cost function is
A. SMC = 260 - 0.03Q + 0.000015Q2. B. SMC = 260 - 0.015Q + 0.000005Q2. C. SMC = 520 - 0.06Q + 0.000003Q2. D. SMC = 520 - 0.03Q + 0.000002Q2. E. none of the above