-Refer to the Diagram Above

question 12

Multiple Choice

-Refer to the diagram above.If this country opens up to international trade in shoes at the world price,then the price is ____________________ per pair,the quantity consumed domestically is ____________________ pairs per year,and total economic surplus is ____________________ per year.

• A) $20;1500;$20,000
• B) $20;1000;$20,000
• C) $15;1250;$21,250
• D) $10;1500;$25,000
• E) $10;500;$25,000

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Definitions:

Certificate of Authority

An official document granting a company the right to conduct its business in a jurisdiction outside of where it was originally incorporated.

Transact Business

Transact Business refers to the conduct of commercial, professional, or other routine operations between parties.

Piercing the Corporate Veil

A legal decision to treat the rights or duties of a corporation as the rights or liabilities of its shareholders, essentially ignoring the corporation's separate legal personality.

Sole Stockholder

A single individual or entity that owns 100% of the shares of a corporation.