Use the following table to answer the question below.Price per UnitQuantity Demanded per YearQuantity Supplied per Year$52,0000101,800300151,600600201,400900251,2001,200301,0001,500A surplus of 500 units will occur when the price is

The income effect explains why there is a direct relationship between the price of a product and the quantity of the product demanded

Indicate whether the statement is true or false

Refer to the diagram, where S d and D d are the domestic supply and demand for a product and P c is the world price of that product. S d + Q is the product supply curve after an import quota is imposed. A quota of wy will:

A.  lower domestic price and increase domestic consumption.
B.  increase the revenues of domestic producers by areas E + F + K.
C.  increase the revenues of domestic producers by areas G + H.
D.  increase the revenues of domestic producers by areas E + F + G + H + J.