Asked by
michelle vintimilla
on Dec 05, 2024Verified
The amount that consumers are willing to pay for the quota limit quantity is the:
A) demand price.
B) supply price.
C) quota rent.
D) price ceiling.
Demand Price
The highest price a consumer is willing to pay for a good or service, reflecting the value placed on it.
Quota Limit
A government-imposed trade restriction limiting the number or value of goods that can be imported or exported during a specified time frame.
Price Ceiling
A price ceiling is a government-imposed limit on how high a price is charged for a product, with the aim of ensuring affordability by limiting how much prices can increase.
- Comprehend the idea of demand price and supply price within the framework of quota restrictions.
Verified Answer
JM
Learning Objectives
- Comprehend the idea of demand price and supply price within the framework of quota restrictions.