-The above figure shows the market for rice in Japan where price is expressed in dollars.S represents the domestic supply curve,and the horizontal line at P = 1 represents the world supply curve.Suppose a free market exists.The smallest tariff necessary to completely eliminate imported rice is
A) $0.50 per unit.
B) $1.00 per unit.
C) $1.50 per unit.
D) $2.00 per unit.

Question

-The above figure shows the market for rice in Japan where price is expressed in dollars.S represents the domestic supply curve,and the horizontal line at P = 1 represents the world supply curve.Suppose a free market exists.The smallest tariff necessary to completely eliminate imported rice is
A) $0.50 per unit. 
B) $1.00 per unit. 
C) $1.50 per unit. 
D) $2.00 per unit.

Quizplus · Accepted Answer

The Answer of 
-The above figure shows the market for rice in Japan where price is expressed in dollars.S represents the domestic supply curve,and the horizontal line at P = 1 represents the world supply curve.Suppose a free market exists.The smallest tariff necessary to completely eliminate imported rice is
A) $0.50 per unit. 
B) $1.00 per unit. 
C) $1.50 per unit. 
D) $2.00 per unit.

-The Above Figure Shows the Market for Rice in Japan