Refer to the information provided in Figure 20.5 below to answer the question(s) that follow. 
Figure 20.5
-Refer to Figure 20.5. The domestic price of oil is $130 per barrel, and the world price of oil is $120 per barrel. If the domestic government imposes a tariff of $10 per barrel, it will
Definitions:
Wage Rate
The standardized amount of compensation an employee receives from an employer in exchange for their labor, typically expressed per hour or year.
Firefighters
Emergency responders trained to fight fires, conduct rescue operations, and mitigate other Hazards to protect life and property.
Infinitely Inelastic
Describes a situation where the demand for a good does not change regardless of changes in its price.
Economic Rents
Earnings in excess of the minimum amount required to keep a factor of production in its current use.
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