A Legal Limit on the Amount of a Commodity That

question 193

Multiple Choice

A legal limit on the amount of a commodity that can be imported is known as _____

• A) an ad valorem tariff.
• B) an import quota.
• C) an import concession.
• D) import substitution.
• E) a specific tariff.

---

Definitions:

Similar Substitutes

Products or services that can be used in place of each other but share close similarities in features or functions.

Product Differentiation

The process of distinguishing a product or service from others in the market to make it more attractive to a particular target market.

Whitening Agents

Substances used to lighten the color of materials, such as textiles, paper, and in cosmetic formulations to lighten the skin.

Location Differentiation

A strategy businesses use to establish a competitive advantage based on the physical location of a service or product offering.