Duty Orders Generally Remain in Place Until

question 16

Multiple Choice

Duty orders generally remain in place until:

• A) the importer pays a fine
• B) the cost of production of the good decreases
• C) the importer can show one year of "fair market value" sales
• D) the price of the good increases
• E) none of the other choices are correct

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Definitions:

Exclusive Legal Right

An exclusive legal right is a privilege granted by law to an individual or entity to engage in a particular activity or to use a particular property, which is protected against infringement or unauthorized use by others.

Patent

is a legal right granted to an inventor or assignee, providing exclusive rights to make, use, or sell an invention for a certain number of years in exchange for public disclosure of the invention.

Pure Monopolist

A market situation where a single seller controls all the supply of a product or service with no close substitutes.

Imperfectly Competitive

Describes market structures that do not meet the conditions of perfect competition, often characterized by the presence of market power held by firms.