Use the following graph, where Sd and Dd are the domestic supply and demand curves for a product, to answer the next question.
The world price of the product is $6. If an import quota of 40 units is imposed on the product, then the equilibrium price would be_____ and the quantity consumed would be ________ units.
A. $6; 80
B. $12; 50
C. $10; 60
D. $8; 70
Answer: D
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What will be an ideal response?
At $30 each, Jack will buy 1 Blu-ray and at $25, he will purchase 2 . If the price is $25, Jack's consumer surplus is: a. $5
b. $10. c. $15. d. $20.
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Economists normally
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