An Excise Tax on Imported Items Is Known as A(n)

question 55

Multiple Choice

An excise tax on imported items is known as a(n)

• A) quota.
• B) tariff.
• C) export restriction.
• D) price ceiling.

Contrast monopolistic competition with perfect competition and monopoly.

Evaluate the efficiency of monopolistic competition in the long run.

Understand the definition and characteristics of monopolistic competition.

Identify the long-term outcomes for firms in a monopolistically competitive market, including profit potentials.