An import quota on a product protects domestic industries by:
a. reducing the foreign supply to the domestic market and, thereby, raising the domestic price.
b. increasing the foreign supply to the domestic market and, thereby, lowering the domestic price.
c. increasing the domestic demand for the product and, thereby, increasing its price.
d. providing the incentive for domestic producers to improve the efficiency of their operation and, thereby, reduce their per-unit costs of production.
a
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A) people. B) firms. C) countries. D) All of the above are correct.
The table above gives Jane's total utility from magazines and CDs. The price of a magazine is $4 and the price of a CD is $10. What is the marginal utility per dollar from magazines when the sixth magazine is purchased?
A) 36 units B) 15 units C) 9 units D) 5 units