Refer to the table below to answer the following questions.
Table 7.3.1
Canada's Market for Widgets

-Table 7.3.1 shows the Canadian supply of and demand for widgets.Widgets are available on the world market for $7.If the Canadian government imposes a tariff of $1,the domestic selling price will be ________ and quantity bought in Canada will be ________.
A)$6;48 million
B)$7;44 million
C)$8;16 million
D)$8;24 million
E)$8;40 million

Question

Refer to the table below to answer the following questions.
Table 7.3.1
Canada's Market for Widgets
 
-Table 7.3.1 shows the Canadian supply of and demand for widgets.Widgets are available on the world market for $7.If the Canadian government imposes a tariff of $1,the domestic selling price will be ________ and quantity bought in Canada will be ________.
A)$6;48 million 
B)$7;44 million 
C)$8;16 million 
D)$8;24 million 
E)$8;40 million

Quizplus · Accepted Answer

With a $1 tariff, the price increases from $7 to $8. At this price, the quantity bought in Canada is 40 million.

Refer to the Table Below to Answer the Following Questions