Suppose that British Steel, Ltd., sells steel in Britain at $600 per ton and the same steel in the United States at $450 per ton. The price of equivalent steel produced in the United States is $550 per ton. How large an antidumping tariff (in percentage) will be applied on imports from British Steel if it is found that it dumped steel on the U.S. market?

The above (incomplete) table provides information about the relationships between output and various cost measures. The total cost (TC) of producing 9 units of output is

A) $180. B) $190. C) $20. D) None of the above answers is correct.

The government decided to reduce taxes on fast-food to increase revenue. The government assumes that fast-food products have

a. An inelastic demand b. An elastic demand c. A demand curve that is upward sloping d. Unitary elastic demand curve