Use the following table for a certain product's market in Marketopia to answer the next question.Quantity Demanded DomesticallyPriceQuantity Supplied Domestically1,400$102,2001,60092,0001,80081,8002,00071,6002,20061,4002,40051,200If the world price of the product is $6 and a tariff of $1 per unit imported is imposed, then the quantity of output that would be supplied domestically would be ________ units and the quantity of output that would be imported would be ________ units.
A. 1,600; 400
B. 1,400; 800
C. 1,400; 400
D. 1,600; 800
Answer: A
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The number of live births per 1000 people in the population per year is the
(a) hidden momentum of population growth. (b) population growth rate. (c) demographic transition. (d) crude birth rate.
Positive externalities can be internalized using persuasion, but persuasion is not effective with negative externalities.
Answer the following statement true (T) or false (F)
When a negative externality exists, _______________________ and thus _______________ intervention may be needed to achieve efficiency
A) external costs are necessarily greater than private costs; government B) social costs equal private costs; no government C) social costs are less than private costs; government D) social costs are greater than private costs; government E) none of the above
The Kahneman-Tversky value function is
A. risk-averse in gains and losses. B. risk-neutral in gains and losses. C. risk-averse in gains, risk-seeking in losses. D. risk-seeking in gains, risk-averse in losses.