Solved

The Following Are Domestic Supply and Demand Schedules for a Product

Question 56

Multiple Choice

The following are domestic supply and demand schedules for a product. Suppose that the world price of the product is $1.

 Quantity  supplied  (domestic)   Price  Quantity  demanded  (domestic)  12$52104473742111116\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Quantity } \\\text { supplied } \\\text { (domestic) }\end{array} & \text { Price } & \begin{array} { c } \text { Quantity } \\\text { demanded } \\\text { (domestic) }\end{array} \\\hline 12 & \$ 5 & 2 \\\hline 10 & 4 & 4 \\\hline 7 & 3 & 7 \\\hline 4 & 2 & 11 \\\hline 1 & 1 & 16 \\\hline\end{array}
-Given the tariff,prices (revenue per unit) received by domestic and foreign producers,respectively,would be:


A) $2 and $1
B) $1 and $2
C) $2 and $2
D) $3 and $2
E) $4 and $3

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents