What would an increase in U.S. trade barriers result in?
(A) Lower prices for consumers.
(B) An increase in trade for the United States.
(C) A decrease in trade for the United State.
(D) Increased efficiency in U.S. production.
Ans: (C) A decrease in trade for the United State.
Economics
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The key feature of monopolistic competition that distinguishes it from perfect competition is
A) many sellers. B) barriers to entry. C) interdependency. D) product differentiation.
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Refer to Scenario 13.1. At your negotiated price your consumer surplus is:
A) $50. B) $200. C) $250. D) $300.
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