Economically speaking, tariffs:
a. protect domestic consumers of goods
b. protect foreign producers of goods.
c. limit voluntary exchanges.
d. protect domestic producers of exported goods.
c
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If a unit excise tax is placed on a good for which the demand is very unresponsive to a price change, then
A) the government generally pays the majority of the tax. B) the consumers generally pay the majority of the tax. C) the producers generally pay the majority of the tax. D) producers and consumers pay equal portions of the tax.
Firms in a monopolistically competitive market will advertise because
A) they want to differentiate their products. B) they want to increase the elasticity of the demand curve. C) of the significant differences in their product over their competitors. D) the elasticity for their product is inelastic.