The Figure Below Shows the Demand (D) and Supply (S)

question 40

True/False

The figure below shows the demand (D) and supply (S) curves of cocoa in the U.S.Figure 21.4

-Every country imposes tariffs on at least some imports.

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Definitions:

Barriers To Entry

Economic, procedural, regulatory, or technological factors that obstruct or restrict the ability of new competitors to enter and operate in a market.

Price Discrimination

A strategy where a provider sells identical or similar goods or services at varied prices in diverse markets.

Efficient Output

The level of production at which a firm or economy can produce goods at the lowest average cost, maximizing resource use without waste.

Market Price

The current price at which an asset or service can be bought or sold in a particular market.