Refer to Figure 7-2. If the tariff was replaced by a quota which limited coffee imports to 20 million pounds, the amount of revenue received by coffee importers would equal
A) $5 million. B) $15 million. C) $50 million. D) $78 million.
C
Economics
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Refer to the scenario above. Which of the following will happen in equilibrium?
A) Firm A will use Strategy X, and Firm B will use Strategy Y. B) Firm A will use Strategy Y, and Firm B will use Strategy X. C) Both the firms will use Strategy X. D) Both the firms will use Strategy Y.
Economics
What is a surplus? What is a shortage?
What will be an ideal response?
Economics