Refer to the Table Below to Answer the Following Questions

question 77

Multiple Choice

Refer to the table below to answer the following questions.
Table 7.3.1
Canada's Market for Widgets

-Table 7.3.1 shows the Canadian supply of and demand for widgets.Widgets are available on the world market for $7.If the Canadian government imposes a tariff of $1,how many widgets will Canada import?

• A)32 million
• B)24 million
• C)16 million
• D)28 million
• E)40 million

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Definitions:

Variable Cost

Costs that vary in proportion to the volume of goods or services produced, such as materials and labor.

Fixed Costs

Definition: Business expenses that remain the same regardless of the level of production or sales.

Break-Even Point

The moment when the sum of all expenses matches the sum of all income, resulting in neither a profit nor a loss.

Revenue

The total income generated from the sale of goods or services related to a company's primary operations.