Question

QUESTION 20 A quota a. imposes a tax on goods entering the country. b. limits the quantity of goods entering the country. c. limits the quantity of goods leaving the country. d. subsidizes the production of goods leaving the country. e e. is a tax on imports. QUESTION 21 Product differentiation a. is a common characteristic of a perfectly competitive market structure. b.refers to firms' attempts to make their products look the same as other products in the industry. is employed only in a monopoly market structure. d. refers to firms' attempts to make real or apparent differences in essentially substitutable products look different in the minds of consumers. e. refers to the advantage big firms have in research and development. QUESTION 22 If monopolistically competitive firms are making zero economic profit, then these firms would Click Save and Submit to save and submit. Click Sme All Answers to an all answers

Answer 1

20) B. Quota is not a tax on imports, that is called a tariff. Quota is a limit imposed on the amount of foreign goods imported. In this manner, it is imposed on goods entering the nation

21) D. It is a market feature of monopolistic competition where firms attempt to differentiate their products with rivals by changing the designs, packaging, and other features of the product