The above figure shows the market for rice in Japan where price is expressed in dollars. S represents the domestic supply curve, and the horizontal line at P = 1 represents the world supply curve
A $1 per unit tariff has the same effect on producer and consumer surplus as a quota of A) Q1 units.
B) Q2 units.
C) Q2 - Q1 units.
D) Q1 - Q2 units.
A
Economics
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In a competitive market, the demand and supply curves are Q = 12 - P and Q = 5P, respectively. If output is fixed at Q = 11, what is the amount of the resulting deadweight loss?
A) 0 B) 0.6 C) 11.4 D) 15
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Which of the following is a capital resource?
a. a new car bought by the Jones family b. a truck used in transporting school children to a soccer practice c. a truck used in transporting steel to an automobile factory d. hamburger meat used to produce a juicy hamburger on a home grill e. a sapling used to create a forest in a new national park
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