If the Marginal Revenue Curve Is Twice as Steep as the Demand

question 51

Multiple Choice

If the marginal revenue curve is twice as steep as the demand curve, a tariff imposed on a foreign monopoly seller will raise the domestic price by _______________ of the tariff and lower the seller's net price by _______________ of the tariff.

• A) one-fourth; three-fourths
• B) 10%; 90%
• C) one-half; one-half
• D) 100%; 0%

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Definitions:

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Frederick Douglass

An American social reformer, abolitionist, orator, writer, and statesman who escaped from slavery and became a leader of the abolitionist movement.

Quaker Schoolteacher

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Prudence Crandall

An American educator who became a figure of controversy and perseverance for establishing a school for African American girls in the 1830s.