Refer to the figure below to answer the following questions.
The figure shows the market for shirts in Canada, where D is the domestic demand curve and S is the domestic supply curve.The world price is $20 per shirt.Canada imposes a tariff on imported shirts of $4 per shirt.
Figure 7.3.1
-Refer to Figure 7.3.1,with the tariff Canada imports ________ million shirts per year.
Definitions:
Total Cost
Total cost is the sum of all expenses incurred in the production of goods or services, including fixed and variable costs.
Total Profit
The overall financial gain achieved from a business activity after subtracting all costs and expenses.
Finishing Department
The final production stage in manufacturing where products undergo finishing processes, such as painting, polishing, or packaging, to prepare them for sale or distribution.
Labor Hours
The total number of work hours spent by employees on a given task or project.
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