The Diagram Below Shows Supply and Demand Curves for Bicycles

question 113

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 the world price of bicycles is $200 and Canada has in place a 50% import tariff on this good.The Canadian government will collect tariff revenue in the amount of ________ per year.

• A)$0.5 million
• B)$1.0 million
• C)$1.5 million
• D)$2.0 million
• E)$2.5 million

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Definitions:

Cultural Group

A community of people who share common language, customs, values, traditions, beliefs, arts, and other cultural aspects.

Similarity

The degree to which two or more objects, ideas, or individuals share common characteristics or attributes.

Uniqueness

The quality of being the only one of its kind; distinctiveness or rarity among similar entities.

Deindividuation

A psychological state where an individual loses self-awareness and a sense of individuality, often resulting in disinhibited and norm-violating behavior, typically in group contexts.