What Should Happen to the Equilibrium Price and Quantity in a Market

question 82

Multiple Choice

What should happen to the equilibrium price and quantity in a market as a result of a tariff on imports?

• A)Equilibrium price and quantity should both go up.
• B)Equilibrium price should go up,and equilibrium quantity should go down.
• C)Equilibrium price should go down,and equilibrium quantity should go up.

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Definitions:

Selectively Attend

The ability to focus on a specific stimulus while ignoring and dismissing irrelevant or distracting information.

Implicit Associations

The subconscious linking of two concepts or entities in the mind, which can influence attitudes and behavior.

Stereotype

A fixed, generalized idea or image of a particular group of people, often lacking nuance and accuracy.

Availability Heuristic

A quick thinking process where a person leans on the first examples that surface in their thoughts when considering a certain subject, notion, procedure, or judgment.