If the Demand Curve for a Firm's Output Is P=100-5Q

question 117

Multiple Choice

If the demand curve for a firm's output is P=100-5Q, the marginal revenue curve will be

• A)MR=100-5Q
• B)MR=100-10Q
• C)MR=20-Q
• D)MR=20-5Q

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Definitions:

Protectionist Argument

The rationale for implementing trade barriers, such as tariffs and quotas, to protect domestic industries from foreign competition.

Dumping

Selling goods in a foreign market at a price below the cost of production or below the price in the home market, often to gain market share.

American Firms

Companies that are based in the United States and subject to U.S. laws and economic policies.

General Agreement on Tariffs and Trade (GATT)

The international agreement reached in 1947 in which 23 nations agreed to eliminate import quotas, negotiate reductions in tariff rates, and give each other equal and nondiscriminatory treatment. It now includes most nations and has become the World Trade Organization.