When the United States imposes an import quota on a good, the ...

[big1devin]

When the United States imposes an import quota on a good, the amount of the ________ in U.S. consumer surplus is ________ the amount of the ________ in U.S. producer surplus.
 
  A) increase; smaller than; increase
  B) decrease; larger than; decrease
  C) decrease; larger than; increase
  D) decrease; equal to; increase

Question 2

The above figure shows the demand curve for movie rentals from Redbox. If Redbox lowered its price from 4.00 to 3.50, then total revenue would ________ because demand is ________.
 
  A) decrease; elastic
  B) increase; elastic
  C) decrease; inelastic
  D) increase; inelastic

[BAOCHAU2803]

Answer to Question 1

C

Answer to Question 2

B

[big1devin]

Thanks for the timely response, appreciate it

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