This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Restrictions on the importation of tomatoes reduce the supply available to the U.S. domestic market. ... (Read 103 times)

naturalchemist

  • Hero Member
  • *****
  • Posts: 542
on: Jun 30, 2018
Restrictions on the importation of tomatoes reduce the supply available to the U.S. domestic market. Studies indicate that the demand for tomatoes is elastic. Compared to a free-trade situation, the import restrictions cause
 a. higher tomato prices and an increase in consumer expenditures on tomatoes in the United States.
  b. lower tomato prices and an increase in consumer expenditure on tomatoes in the United States.
  c. lower tomato prices and a reduction in consumer expenditure on tomatoes in the United States.
  d. higher tomato prices and a reduction in consumer expenditure on tomatoes in the United States.

Question 2

Differentiate between a public good and a common resource good.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

kristenb95

  • Sr. Member
  • ****
  • Posts: 318
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

A public good is neither rival nor excludable. It is not rival because everyone can consume the good simultaneously. It is not excludable because once the good is produced, it is prohibitively costly to exclude anyone from consuming the good. On the other hand, a common resource is a rival good that is nonexcludable; that is, nonpayers cannot be easily excluded from consuming the good, and when one unit is consumed by one person, it means that it cannot be consumed by another.


naturalchemist

  • Member
  • Posts: 542
Reply 2 on: Jun 30, 2018
YES! Correct, THANKS for helping me on my review

okolip

  • Member
  • Posts: 362
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

About one in five American adults and teenagers have had a genital herpes infection—and most of them don't know it. People with genital herpes have at least twice the risk of becoming infected with HIV if exposed to it than those people who do not have genital herpes.

Did you know?

Hyperthyroidism leads to an increased rate of metabolism and affects about 1% of women but only 0.1% of men. For most people, this increased metabolic rate causes the thyroid gland to become enlarged (known as a goiter).

Did you know?

The longest a person has survived after a heart transplant is 24 years.

Did you know?

Hippocrates noted that blood separates into four differently colored liquids when removed from the body and examined: a pure red liquid mixed with white liquid material with a yellow-colored froth at the top and a black substance that settles underneath; he named these the four humors (for blood, phlegm, yellow bile, and black bile).

Did you know?

Though the United States has largely rejected the metric system, it is used for currency, as in 100 pennies = 1 dollar. Previously, the British currency system was used, with measurements such as 12 pence to the shilling, and 20 shillings to the pound.

Small Greek Domestic Dog Small Greek Domestic Dog
Marginal Supply - Demand Curve Marginal Supply - Demand Curve
Hydroelectric power: 2013 Global Market Hydroelectric power: 2013 Global Market
Recent research suggests that zinc lozenges and nasal gels may help reduce the severity Recent research suggests that zinc lozenges and nasal gels may help reduce the severity
How does PCA reduce the dimension of a statistical problem? How do you select the reduced ... How does PCA reduce the dimension of a statistical problem? How do you select the reduced ...
Hen feathering (left) and cock feathering (right) in domestic fowl Hen feathering (left) and cock feathering (right) in domestic fowl
Video: Origin of organelles Animation

For a complete list of videos, visit our video library