A Quota Is

question 179

Multiple Choice

A quota is

• A)a tax placed on imports.
• B)a limit on the quantity of imports.
• C)a tax on exports to other countries.
• D)an excess of exports over imports.

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Definitions:

Marginal Revenue

The increase in total revenue resulting from the sale of one additional unit of a product or service.

Value of the Marginal Product

The additional revenue a firm generates from employing one more unit of input, keeping other inputs constant.

Marginal Productivity

The additional output generated by adding one more unit of a specific input, while holding all other inputs constant.

Marginal Cost

The cost added by producing one additional unit of a product or service, a crucial concept in economics for understanding optimization.