When a nation imports a good or service, the nation's consumer surplus ________, its producer surplus ________, and its total surplus ________
A) increases; decreases; increases
B) increases; decreases; decreases
C) increases; increases; increases
D) decreases; decreases; decreases
E) decreases; decreases; increases
A
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If the Herfindahl-Hirschman index (HHI) among the firms in the long distance telecommunications market were equal to 1755, when would the Federal Trade Commission probably challenge a proposed merger between any two of the firms?
A) It would challenge if the HHI would increase by more than 50 points. B) It would challenge if the HHI would increase by more than 100 points. C) It would challenge no matter what happened to the HHI because the market has so few firms. D) It would not challenge because the HHI is less than 1800.
A firm's markup is the amount by which ________ exceeds ________
A) price; average total cost B) price; marginal cost C) average total cost; marginal cost D) price; average variable cost