Using Calculations of the Cost to Americans Per Job Saved

question 194

Multiple Choice

Using calculations of the cost to Americans per job saved in protected industries, it can be concluded that

• A) import quotas are an efficient way to redistribute income.
• B) each job saved is worth more than the cost imposed on consumers per job saved.
• C) each job saved is worth less than the cost imposed on consumers per job saved.
• D) tariffs are an efficient way to redistribute income to disadvantaged groups.

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Definitions:

Sellers

Parties that provide products or services available for purchase in the market.

Mutual Interdependence

A situation in which the actions of one firm significantly affect the outcomes of other firms in the market, commonly seen in oligopolistic industries.

Perfectly Inelastic Demand

A situation where the quantity demanded does not change in response to changes in price.

Pricing Policy

A company's approach to setting the prices for its products or services, often based on costs, market demand, competition, and other factors.