Which of the Following Is an Example of a Temporary

question 77

Multiple Choice

Which of the following is an example of a temporary price differential in a resource market?

• A)land downtown is more expensive than land in the suburbs
• B)a superstar professional basketball player is paid more than the average professional player
• C)cable television installers have a higher wage than telephone installers
• D)an airline pilot is paid more than a flight attendant
• E)a worker in a toxic waste plant earns more than a teacher

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Definitions:

Import Quota

A government-imposed limit on the quantity of a specific type of good that can be imported into the country during a specified time period.

Domestic Industries

Industries that produce goods and services within a particular country, focusing on the local market.

Foreign Supply

The availability of goods or services from international markets offered for sale in a domestic market.