An Import Quota Is an Example of a Cultural Barrier

question 32

True/False

An import quota is an example of a cultural barrier to global business.

---

Definitions:

Downward-sloping Demand Curve

A graph showing that the quantity demanded of a good or service varies inversely with its price, other things being equal.

Equilibrium Price

The price at which the quantity of a product demanded by consumers equals the quantity supplied by producers.

Consumer Surplus

The divergence between the total payment consumers are willing to make for a product or service and what they really pay.

Demand Increase

A situation where consumers are willing and able to purchase more of a product or service at each price level, often caused by changes in tastes, income, or prices of related goods.