Use the following graph, where Sd and Dd are the domestic supply and demand curves for a product, to answer the next question.The world price of the product is $6. If the market is open to international trade but there is a tariff of $2 per unit imposed, the total government revenue generated by the tariff would be

The above figure shows a restaurant engaged in monopolistic competition with other restaurants. The equilibrium quantity at this restaurant is ________ meals per day

A) less than 150 B) between 151 and 250 C) between 251 and 350 D) between 451 and 450 E) more than 451

"Because of rent seeking, a monopoly may end up earning a normal profit." Is the previous statement correct or incorrect? Why?

What will be an ideal response?