Figure 9.9 -Refer to Figure 9.9. Now Suppose an Import Quota of Quota

question 24

Multiple Choice

Figure 9.9
-Refer to Figure 9.9. Now suppose an import quota of 3000 trucks is imposed. An alternative to the quota that would have the same impact on the number of imports would be a tariff of

• A) $2,500.
• B) $5,000.
• C) $15,000.
• D) $20,000.
• E) $13,125,000.

---

Definitions:

Output Level

This refers to the quantity of goods or services produced by a firm or an economy within a specific period.

Monopolist

A market participant that has exclusive control over the supply of a particular commodity or service, allowing it to influence price and market conditions.

Profit Maximizing

The process or strategy of adjusting production and operational variables to achieve the highest possible profit.

Same Price

A condition where various sellers offer a product or service at an identical cost to consumers.