Author Question: Compared to a tariff, an import quota, which restricts imports to the same amount as the tariff, ... (Read 197 times)

Frost2351 · **on:** Jul 1, 2018

Compared to a tariff, an import quota, which restricts imports to the same amount as the tariff, will leave the country as a whole

A) worse off than a comparable tariff.
B) not as bad off as a comparable tariff.
C) about the same as a comparable tariff.
D) Any of the above can be true.

Question 2

A price taker is

A) a firm that accepts different prices from different customers.
B) a consumer who accepts different prices from different firms.
C) a perfectly competitive firm.
D) a firm that cannot influence the market price.
E) both C and D