The demand for microwaves in a certain country is given by: D = 8,000 - 30P, where P is the price of a microwave. Supply by domestic microwave producers is: S = 4,000 + 10P. If this economy opens to trade while the world price of a microwave is $50, and the government imposes a tariff of $30 per microwave, then the domestic quantity demanded will be ________ microwaves.
A. 5,600
B. 5,000
C. 4,500
D. 4,000
Answer: A
You might also like to view...
The price elasticity of demand is a measure of
A) the equilibrium price of a product. B) buyers' responsiveness to changes in the price of a product. C) the amount of a product purchased when income increases. D) whether a product is a substitute or a complement. E) how much a change in demand affects the equilibrium price.
In 2006, real GDP in Belgium grew at a 3 percent rate and inflation was 1.8 percent while the population did not change. As a result, there was ________ demand for money curve in Belgium
A) a rightward shift of the B) a leftward shift of the C) a movement up along the D) no change in the
Assume that gross national product amounts to $4300.5 billion, depreciation is $550.1 billion, and indirect taxes are $399.3 billion. Then, net national product amounts to
a. $3351.1 billion. b. $4549.8 billion. c. $3851.2 billion. d. $3750.4 billion.
A period of stagflation can be considered as part of the normal aftermath of a
a. decrease in aggregate demand. b. period of high unemployment. c. period of low unemployment. d. period of inward shifting aggregate demand.