A Tax of 20 Cents Per Unit of Imported Garlic

question 21

Multiple Choice

A tax of 20 cents per unit of imported garlic is an example of a(n)

• A) specific tariff.
• B) ad valorem tariff.
• C) nominal tariff.
• D) effective protection tariff.
• E) a disadvantageous tariff.

Understand the long-run adjustments in monopolistically competitive markets.

Explain the externalities associated with entry and exit in monopolistically competitive markets.

Identify deadweight loss in different market structures and scenarios.

Understand the adjustment process towards long-run equilibrium in monopolistically competitive industries.

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Definitions:

Interviewee

A person who is being asked questions in an interview situation.

Video Camera

A device capable of capturing moving images and audio, which can be stored digitally or on traditional media.

Natural Use Environment

The actual conditions and settings in which a product is used by consumers, as opposed to a controlled or artificial environment.

Focus Group

A research method that gathers a small, diverse group of people to discuss and provide feedback on a particular subject or product.