When consumers shift away from relatively higher price goods and services in favor of those that are less expensive, this is known as the

In which way are tariffs different from quotas?

A) They reduce the volume of imported products. B) They raise the price of the imported products to consumers. C) They increase the domestic quantity supplied of the product. D) They raise government revenue.

Average fixed cost is defined as:

A. total variable cost divided by quantity. B. quantity divided by total variable cost. C. the change in total variable cost divided by the change in quantity. D. total fixed cost divided by quantity.