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Author Question: The supply curve shows a(n) ________ relationship between price and quantity and is therefore ... (Read 77 times)

joe

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on: Jun 29, 2018
The supply curve shows a(n) ________ relationship between price and quantity and is therefore ________ sloping.
 
  A) direct; downward
  B) direct; upward
  C) inverse; downward
  D) inverse; upward

Question 2

Explain the difference between a tariff and a quota. What impact do tariffs and quotas have on the prices of domestic and imported goods?
 
  What will be an ideal response?


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al

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

A tariff is a tax imposed by government on imported goods. A quota is a limit on the number of imported goods allowed into a country. Tariffs and quotas raise prices for both domestic and imported goods.


joe

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

connor417

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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