The Diagram Below Shows Supply and Demand Curves for Bicycles

question 3

Multiple Choice

The diagram below shows supply and demand curves for bicycles in the domestic Canadian market. Assume that all bicycles are identical.
FIGURE 34- 4
-Refer to Figure 34- 4. Suppose the world price of bicycles is $200 and Canada has in place a 50- percent tariff on this good. The deadweight loss to the Canadian economy resulting from this tariff is per year.

• A)$0.5 million
• B)$1.5 million
• C)$0
• D)$2.0 million
• E)$1.0 million

---

Definitions:

Litigation Specialty

The practice or specialization in managing legal disputes and lawsuits in court.

Standing to Sue

The legal right to bring a lawsuit to court, typically requiring a direct and personal stake in the outcome of the litigation.

Federal Court System

The judiciary branch of the U.S. government, consisting of the Supreme Court and lower federal courts, which interprets and applies federal laws.

Federal Courts Jurisdiction

The legal authority of federal courts to hear and decide cases involving issues outlined in the Constitution and federal statutes.