Multiple Choice
The following are domestic supply and demand schedules for a product. Suppose that the world price of the product is $1.
-Given the imposition of a $1 per unit tariff,the price and total quantity sold (both domestically produced and imported) will be:
A) $3 and 7 units
B) $4 and 4 units
C) $2 and 4 units
D) $5 and 2 units
E) $2 and 11 units
Correct Answer:
Verified
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