Import quotas are
a. methods for reducing imports by limiting the quantity of goods that can enter the country each year.
b. voluntary agreements by exporting countries to limit sales in a foreign country.
c. subsidies to foreign producers to encourage them to trade.
d. None of these.
a. methods for reducing imports by limiting the quantity of goods that can enter the country each year.
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A concentration ratio refers to the
a. ranking of firms by profitability b. percentage of sales accounted for by the leading firms in an industry c. percentage of sales accounted for by the largest firm in an industry d. ability of a firm to control market price e. percentage of profit accounted for by the largest firm in an industry
At his current level of output, a monopolist has an MR of $10, an MC of $6, and an economic profit of zero. If the market demand curve is downward sloping and his marginal cost curve upward sloping, the monopolist
a. is producing his profit-maximizing level of output. b. could increase his profit by increasing his output. c. could increase his profit by increasing his price. d. should exit the market if he has positive fixed cost.