Figure 9-24 The following diagram shows the domestic demand and supply in a market. Assume that the world price in this market is $20 per unit. 90 80 70- 60- 50 40 30 20 10 Price 5 10 15 20 25 30 Supply Demand + 35 40 Quantity Refer to Figure 9-24. Suppose the government imposes a tariff of $10 per unit. With trade and a tariff, total surplus is O a. $750. O b. $900. O c. $950. O d. $1,550.

Figure 9-24 The following diagram shows the domestic demand and supply in a market. Assume that the world price in this market is $20 per unit. 90 80 70- 60- 50 40 30 20 10 Price 5 10 15 20 25 30 Supply Demand + 35 40 Quantity Refer to Figure 9-24. Suppose the government imposes a tariff of $10 per unit. With trade and a tariff, total surplus is O a. $750. O b. $900. O c. $950. O d. $1,550.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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