Which of the Following Designates the Maximum Quantity of a Product

question 115

Multiple Choice

Which of the following designates the maximum quantity of a product that may be brought into a country during a specified time period?

• A)tariff
• B)embargo
• C)duty
• D)exchange rate
• E)quota

---

Definitions:

Marginal Revenue Curve

A graphical representation that shows how the marginal revenue varies as the quantity of output is changed, typically downward sloping for firms facing downward sloping demand curves.

Price Discrimination

A pricing strategy where a seller charges different prices for the same product or service to different customers, not based on costs but on what the seller believes each customer can afford or is willing to pay.

Tying

A marketing strategy where a company requires consumers to buy a secondary product or service together with a primary product.

Razors and Razor Blades

A business model where a main product is sold at a low price to increase sales of a complementary product, which is where the profit is made.