The Following Table Is Domestic Supply and Demand Schedules for a Product.Suppose

question 98

Multiple Choice

The following table is domestic supply and demand schedules for a product.Suppose that the world price of the product is $1. Refer to the above data.With a $1 per unit tariff, the quantities sold by foreign and domestic producers respectively will be:

• A)1 unit and 15 units.
• B)7 units and 4 units.
• C)11 units and 4 units.
• D)indeterminate.

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