Answer the question on the basis of the following domestic supply and demand schedules for a product.Suppose that the world price of the product is $1. $\begin{array} { c c c }
\begin{array} { c }
\text { Quantity } \
\text { Supplied } \
\text { (Domestic) }
\end{array} & \text { Price } & \begin{array} { c }
\text { Quantity } \
\text { Demanded } \
\text { (Domestic) }
\end{array} \
12 & \$ 5 & 2 \
10 & 4 & 4 \
7 & 3 & 7 \
4 & 2 & 11 \
1 & 1 & 16
\end{array}$ Refer to the given data.With a $1-per-unit tariff,prices (revenue per unit)received by domestic and foreign producers respectively will be:

Question

Answer the question on the basis of the following domestic supply and demand schedules for a product.Suppose that the world price of the product is $1. $\begin{array} { c c c } 
\begin{array} { c } 
\text { Quantity } \
\text { Supplied } \
\text { (Domestic) }
\end{array} & \text { Price } & \begin{array} { c } 
\text { Quantity } \
\text { Demanded } \
\text { (Domestic) }
\end{array} \
12 & \$ 5 & 2 \
10 & 4 & 4 \
7 & 3 & 7 \
4 & 2 & 11 \
1 & 1 & 16
\end{array}$ Refer to the given data.With a $1-per-unit tariff,prices (revenue per unit)received by domestic and foreign producers respectively will be:

Quizplus · Accepted Answer

With a $1-per-unit tariff, the domestic price will be $2 (world price of $1 + tariff of $1). Domestic producers will receive $2 per unit, while foreign producers will receive the world price of $1.

Answer the Question on the Basis of the Following Domestic