If goods X and Y are such that the cross price elasticity between them is negative, and if the income elasticity of X is negative, then these goods are:

State the law of diminishing returns. How do diminishing returns differ from diseconomies of scale? Be sure to define diseconomies of scale in your answer

What will be an ideal response?

The above figure shows the market for rice in Japan. SDomestic represents the domestic supply curve, and Sworld represents the world supply curve. A $1 per unit tariff has the same effect on producer and consumer surplus as a quota of

A) 25 units. B) 30 units. C) 35 units. D) 65 units.