Who does not gain when a tariff is imposed?
A. Domestic producers of the good.
B. Domestic workers in the protected industry.
C. Domestic consumers of the good.
D. Domestic suppliers in the protected industry.
C. Domestic consumers of the good.
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The feature of the above figure that indicates that the firm is a perfectly competitive firm is the
A) shape of the total cost curve. B) shape of the total revenue curve. C) fact that the total cost and total revenue curves are farthest apart at output is Q2. D) fact that the total cost and total revenue curves cross twice.
Which of the following would be efficient from an economic perspective?
a. Reducing the crime rate to zero b. Changing speed limits and safety requirements so that there were no traffic fatalities or injuries each year. c. Completely eliminating the emission of greenhouse gases d. None of the above would be efficient from an economic perspective.