Suppose the United States decides to impose a $1,000 tax on every Japanese minivan sold in the United States. This is an example of
a. a tariff
b. a subsidy
c. comparative disadvantage
d. the diversity of industry argument
e. a quota
A
Economics
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Does a perfectly competitive producer have any incentive to undercut the current market price? Explain your answer
What will be an ideal response?
Economics
Suppose a monopoly producer is also a monopsonist in the labor market. Demand for the output is p = 100 - Q. The production function is Q = L, and the labor supply curve is w = 10 + L. How much labor does the firm hire? What wage is paid?
What will be an ideal response?
Economics