A Tariff Is a

question 24

Multiple Choice

A tariff is a

• A)limit on how much of a good can be exported.
• B)limit on how much of a good can be imported.
• C)tax on an exported good.
• D)tax on an imported good.

---

Definitions:

Duopoly

A market structure dominated by two companies, often resulting in closely competitive or collaborative strategies between them.

High-price Strategy

A pricing approach where goods or services are sold at a higher price point, typically justified by branding, quality, or unique features.

Low-price Strategy

A business approach where a company sets a lower price for its products or services than its competitors to attract more customers and gain market share.

Profit

The financial gain obtained when the revenues generated from business activities exceed the expenses, costs, and taxes needed to sustain those activities.