Author Question: Import quotas A) are the same as tariffs. B) set the maximum quantity of a good that can be ... (Read 41 times)

dalyningkenk · **on:** Jun 29, 2018

Import quotas

A) are the same as tariffs.
B) set the maximum quantity of a good that can be imported.
C) are not used by the United States.
D) set the minimum percentage of the value of a product that must consist of imported components.

Question 2

The market for lawn services is perfectly competitive. Larry's Lawn Service cannot increase its total revenue by raising its price because ________.

A) Larry's supply of lawn services is perfectly inelastic
B) the demand for Larry's services is perfectly inelastic
C) Larry's supply of lawn services is inelastic
D) the demand for Larry's services is perfectly elastic