Refer to the Above Diagram, Where S_d and D_d Are

question 183

Multiple Choice

Refer to the above diagram, where S_d and D_d are the domestic supply and demand for a product and P_c is the world price of that product.S_d + Q is the product supply curve after an import quota is imposed.A tariff of P_cP_t or an import quota of wy will:

• A)have the same effect on the volume of imports.
• B)have the same effect on domestic price.
• C)have the same effect on the revenues of domestic producers.
• D)do all of the above.

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Definitions:

Enforce

To compel obedience to a law, rule, or obligation through the imposition of penalties or other legal mechanisms.

Warranty Liability

Legal obligation of a seller to compensate the buyer for losses caused by defects or failures in the product warranted.

In Blank

Pertains to a document, especially a financial instrument, left partially unfilled or unsigned, allowing for details to be added later.

Transfer Warranties

Legal assurances provided during the transfer of assets, ensuring certain conditions or elements are true or will be upheld.