The following graph shows the supply of and demand for baseballs in the United States.If the world price is $3 per baseball and a tariff of $1 per baseball is imposed,then the number of baseballs purchased in the United States is _____.
Definitions:
Economic Growth
An increase in a country's capacity to produce goods and services, reflected over time in a rise in the national income and standard of living.
Production Possibilities Curve
A graphical representation showing the maximum quantity of goods and services that can be produced within an economy given available resources and technology.
Unemployment Rate
The segment of individuals in the labor force who are not in employment but are looking for jobs actively.
Opportunity Cost
The value of the best alternative forgone when a decision is made to pursue a particular action or resource allocation.
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