Figure 4.4 represents the market for gasoline in a small nation. The free trade world price of gasoline is $3.50. Suppose this small nation imposes a tariff on gasoline of $.50 per gallon. The change in consumer surplus would be
a. $15.
b. $12.50.
c. $27.50.
d. $57.50.
c. $27.50.
Business
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