The Table Below Shows the Quantity Demanded (In Thousands) and Quantity

question 52

Multiple Choice

The table below shows the quantity demanded (in thousands) and quantity supplied (in thousands) of computers in the U.S. and Canada at different prices.Table 20.5

-It is often argued that if foreign goods are kept out of the domestic economy:

• A)jobs will be lost at home.
• B)jobs will be created abroad.
• C)domestic consumers will enjoy product surpluses.
• D)jobs will be created at home.
• E)foreign consumers will suffer product shortages.

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Definitions:

Marginal Revenue

The additional profit earned from the sale of an extra unit of a product or service.

Purely Competitive Firm

Describes a business that operates in a market where no single company can influence prices, due to the presence of many sellers offering identical products.

Output

The quantity of goods or services produced in a certain period of time by a person, machine, or industry.

Price Taker

A market participant who has no influence over the market price and must accept the prevailing market price for its products or services.