Figure 9-18

question 243

Multiple Choice

Figure 9-18.On the diagram below,Q represents the quantity of peaches and P represents the price of peaches.The domestic country is Isoland.
-Refer to Figure 9-18.Suppose Isoland changes from a no-trade policy to a policy that allows international trade.If the world price of peaches is $3,then the policy change results in a

• A)$15.00 decrease in producer surplus.
• B)$45.00 increase in consumer surplus.
• C)$20.00 increase in total surplus.
• D)$12.50 increase in total surplus.

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Definitions:

Success

The achievement of a goal or the attainment of prosperity, fame, or a favorable outcome.

Confirmation Bias

The tendency to seek information that supports one’s beliefs while not pursuing disconfirming information.

External Attribution

The process of attributing the cause of a person's behavior to situational factors outside the person.

Self-Serving Bias

The tendency to attribute one’s successes to personal factors and one’s failures to situational factors.