(Table: Export Supply Elasticities) This Table Gives the Foreign Elasticity

question 29

Multiple Choice

(Table: Export Supply Elasticities) This table gives the foreign elasticity of supply for several types of U.S. steel imports. According to the table, the United States can be considered a "small-country" importer of which of the following steel products?

• A) alloy steel
• B) steel bars and rods
• C) steel tubes and pipes
• D) steel flat-rolled products

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Definitions:

Network Externalities

The effect that an additional user of a good or service has on the value of that product to others, often positive, as in the case of telecommunications networks.

Monopolist

A monopolist is a single supplier in a market who has significant control over prices and the availability of a product or service.

Economies of Scale

Economies of scale are cost advantages that enterprises obtain due to size, output, or scale of operation, with cost per unit of output generally decreasing with increasing scale.

Economies of Scale

Cost advantages reaped by companies when production becomes efficient, as the scale of operation increases with the reduction in average costs.