Refer to the Above Diagram, Where S_d and D_d Are

question 150

Multiple Choice

Refer to the above diagram, where S_d and D_d are the domestic supply and demand for a product and Pc is the world price of that product.S_d + Q is the product supply curve after an import quota is imposed.The effect of the import quota on domestic price and domestic consumption is:

• A)the same as that of a tariff of P_cP_t.
• B)the same as that of a tariff of P_tP_a.
• C)the same as that of a tariff of P_cP_a.
• D)to raise price by more and reduce consumption less than a tariff of P_cP_t.

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Economic Influence

The impact that economic factors, policies, or conditions have on the behavior of individuals, businesses, and governments.

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The capacity to affect the decisions, actions, or policies of political leaders or institutions.

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