The Diagram Below Shows the Demand and Supply Curves for Refrigerators

question 80

Multiple Choice

The diagram below shows the demand and supply curves for refrigerators in Canada. FIGURE 33-1 Refer to Figure 33-1.Assume the world price is P₀.The Canadian government now imposes an import quota of the amount Q₂Q₄.The result would be that the price in Canada would

• A)stay at P₀ and consumption would stay at Q₅.
• B)stay at P₀ and consumption would rise to Q₃.
• C)rise to P₂ and consumption would decrease to Q₅.
• D)rise to P₂ and consumption would decrease to Q₄.
• E)rise to P₁ and consumption would decrease to Q₄.

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Definitions:

Confidence Interval

A statistical interval estimate, used to indicate the reliability of an estimate.

Population Proportions

Measures that represent the fraction of the population that possesses a particular attribute or characteristic.

Confidence Coefficient

Represents the degree of certainty or confidence that a specified confidence interval contains the true value of an unknown population parameter.

Process Control Engineer

A specialized engineer focused on designing and maintaining systems that control the process and machinery in manufacturing and other industries.