USProducers Faced Certain Disadvantages as Imports Rose in 13 Major

question 79

Multiple Choice

U.S.producers faced certain disadvantages as imports rose in 13 major industries studied by Shepherd.The producers initially responded to this by _____

• A)improving the technology used in production.
• B)exiting the industry.
• C)seeking trade barriers.
• D)removing trade barriers.
• E)raising prices to recoup their losses.

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Definitions:

Accounting Profit

The profit a company has after deducting all its expenses from its total revenue.

Verizon Wireless

A major American telecommunications company known for providing wireless products and services.

Implicit Cost

The opportunity cost incurred by using assets, resources, or funds for a specific purpose rather than the next best alternative.

Competitive Rate

Pricing that is on par or better than what is offered by competitors in the market, often used to attract customers.