Refer to the Figure Below to Answer the Following Questions

question 15

Multiple Choice

Refer to the figure below to answer the following questions.

The figure shows the market for shirts in Canada, where D is the domestic demand curve and S is the domestic supply curve.The world price is $20 per shirt.Canada imposes a tariff on imported shirts of $4 per shirt.
Figure 7.3.1
-Refer to Figure 7.3.1,the tariff ________ Canada's imports of shirts by ________ million shirts per year.

• A)decreases;16
• B)decreases;8
• C)increases;8
• D)increases;4
• E)increases;16

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Definitions:

Equivalent Amount

A sum of money or value that is considered equal in worth or value to another sum or item.

First Column

Typically refers to the first vertical set of cells in a spreadsheet or table, often containing categories or identifiers for rows.

Profit-Sharing Plan

A company program that gives employees a share in the profits, typically in the form of bonuses or stock options.

Annual Profits

This term refers to the total revenue from all sources within the year minus the total expenses, costs, and taxes needed to sustain the business.