-Refer to the diagram above.If this country imposes a tariff equal to $5 per pair of shoes,then the equilibrium domestic quantity demanded is ____________________ pairs of shoes per year and the equilibrium domestic quantity supplied is ____________________ pairs of shoes per year.
Definitions:
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price within a specified time frame.
Price
The sum of money anticipated, needed, or handed over in exchange for an item.
Market Demand Curve
A graphical representation that shows the quantity of a good or service that all consumers in a market are willing and able to purchase at different prices.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price, within a specific time period.
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