Refer to Exhibit 7-1. What is the value of gross domestic product?

The above figure shows the market for biologists. The government decides to set a minimum wage for biologists of $18 per hour. After this minimum wage is in effect, the firms' surplus equals ________

A) $800 B) $900 C) $1,800 D) $400 E) $200

The United States imposes a tariff on foreign limes. How does the tariff affect the U.S. price of a lime and the production of limes in the United States?

What will be an ideal response?