What is/are the central argument(s) against tariffs?
(a) They redistribute income away from consumers who are paying higher prices because of the tariffs. These rents are given to the individual industries that are protected by the tariffs and
are operating inefficiently.
(b) A laissez-faire economy is the American way.
(c) They protect the wealthy.
(d) They benefit only fast-growing industries.
(a)
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To stay one step ahead of the forces of competition, a firm can adopt any one of these strategies except
a. Cost reduction b. Product differentiation c. Operating where marginal benefits equal marginal costs d. Develop non-fungible valuable resources
An increase in demand and a decrease in supply cause which of the following?
a. Equilibrium price change is indeterminate. b. Equilibrium quantity decreases. c. Equilibrium price falls. d. Equilibrium price rises. e. Equilibrium quantity increases.