Refer to the graph below, where Sd and Dd are the domestic supply and demand curves for a product. The world price of the product is $6. If this market were closed to international trade, the total revenue that would go to domestic producers would be:
A. $600, but only $240 if the domestic market were open to international trade
B. $600, but only $120 if the domestic market were open to international trade
C. $500, but only $240 if the domestic market were open to international trade
D. $240, but only $120 if the domestic market were open to international trade
B. $600, but only $120 if the domestic market were open to international trade
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Economic theory assumes people will not do what is in the interest of all unless it is in the interest of
A) each. B) humanity. C) the government. D) the public. E) their own pocketbooks.
Which of the following most accurately describes what occurs during a time of inflation?
A) People must work longer to live as well. B) Prices rise faster than incomes. C) The average standard of living declines. D) The cost of living increases. E) The purchasing power of money falls.
The Sherman Act prohibits:
a. contracts in restraint of commerce b. monopolization of an industry c. price discrimination d. a and b e. a, b, and c
The external cost of production is the cost incurred by
The external cost of production is the cost incurred by
A.
someone other than the producer.
B.
producing outside the facility.
C.
producing outside the country.
D.
producing a related external product.