The Diagram Below Shows Supply and Demand Curves for Bicycles

question 74

Multiple Choice

The diagram below shows supply and demand curves for bicycles in the domestic Canadian market.Assume that all bicycles are identical. FIGURE 33-4 Refer to Figure 33-4.Suppose there is free trade in bicycles and the world price is $200.If Canada then imposes a 50% import tariff on bicycles,domestic consumption will

• A)increase by 30 000.
• B)decrease by 10 000.
• C)increase by 20 000.
• D)decrease by 20 000.
• E)increase by 10 000.

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Identify the role and types of operating systems in mobile devices.

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Definitions:

Excise Tax

A tax on the sale of specific goods or services, often included in the price of the product.

Hamburgers

A popular food item consisting of a cooked patty of ground meat, usually beef, placed inside a sliced bread roll or bun.

Deadweight Loss

A loss in economic efficiency that occurs when the equilibrium outcome is not achievable or is not achieved.

Elastic

A characteristic of a good or service that indicates its sensitivity to changes in price, with relatively large changes in quantity demanded or supplied in response to price changes.