Refer to the Graph Shown for a Small Country That

question 33

Multiple Choice

Refer to the graph shown for a small country that is a price taker internationally. Assume the foreign supply of this product is perfectly elastic at a price of $4 per unit. If government imposes a tariff in the amount of $2 per unit, it will collect revenue in the amount of:

• A)$0.
• B)$2,400.
• C)$5,000.
• D)$10,000.

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