Author Question: In a perfectly competitive market, which of the following determines the market price? A) market ... (Read 84 times)

michelleunicorn · **on:** Jun 29, 2018

In a perfectly competitive market, which of the following determines the market price?

A) market demand and a firm's supply
B) market supply and a firm's demand
C) a firm's demand and its supply
D) market demand and market supply

Question 2

A key difference between tariffs and quotas is that

A) consumers are hurt with quotas but not with tariffs.
B) consumers are hurt with tariffs but not with quotas.
C) the government receives revenue with tariffs, but the importer receives added profit with quotas.
D) the government receives revenue with quotas, but the importer receives added profit with tariffs.