When a Quota Is Imposed on a Market, The

question 59

Multiple Choice

When a quota is imposed on a market, the:

• A)supply curve (above the world price) shifts to the right by the amount of the quota
• B)supply curve (above the world price) shifts to the left by the amount of the quota
• C)demand curve (above the world price) shifts to the right by the amount of the quota
• D)demand curve (above the world price) shifts to the left by the amount of the quota

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Definitions:

Vocational School

An educational institution that provides specialized training and education targeted toward particular careers or trades.

Flexible Budget

A flexible budget adjusts expenses based on changes in actual revenue or other activity levels, allowing for more accurate financial planning.

Cost Drivers

Factors that cause a change in the cost of an activity, such as machine hours, labor hours, or material size.

Vocational School

An educational institution that provides training and skills for specific trades or careers, focusing on practical job-related skills.