10. (T/F) From a trade economist's point of view, quotas are preferred to tariffs because the smaller intervention on price. 11. (T/F) When price in a perfectly competitive market increased from $5 to $10, John's production increased from 0 to 10. The following relationship must be true: $5 ≤ Lowest Point of Average Cost ≤ $10 12. (T/F) An effective subsidy program will make both producers and consumers gain.

10. (T/F) From a trade economist's point of view, quotas are preferred to tariffs because the smaller intervention on price. 11. (T/F) When price in a perfectly competitive market increased from $5 to $10, John's production increased from 0 to 10. The following relationship must be true: $5 ≤ Lowest Point of Average Cost ≤ $10 12. (T/F) An effective subsidy program will make both producers and consumers gain.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter34: Globalization And Protectionism

Section: Chapter Questions

Problem 14SCQ: Assume a perfectly competitive market and the exporting country is small. Using a demand and supply...

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