Refer to the table below for a certain product's market in Econland. If the world price of the product were $6 and a tariff of $1 per unit were applied to imports of the product, then the total revenue (after tariff) going to domestic producers would be:
A. $11,200, and the total revenue (after tariff) going to foreign producers would be $2,800
B. $11,200, and the total revenue (after tariff) going to foreign producers would be $2,400
C. $8,400, and the total revenue (after tariff) going to foreign producers would be $2,800
D. $13,200, and the total revenue (after tariff) going to foreign producers would be $2,400
B. $11,200, and the total revenue (after tariff) going to foreign producers would be $2,400
You might also like to view...
________ earned the highest amount of income among the factors of production in the United States
A) Labor B) Capital C) Land D) Entrepreneurship E) Investment
Which of the following are inherent in classical theory?
a. Flexible prices. b. Flexible wages. c. Long-run full employment. d. All of these.