Use the Following to Answer Questions

question 15

Multiple Choice

Use the following to answer questions:
Figure: Costs of Tariffs
-(Figure: Costs of Tariffs) Refer to the figure. In the figure representing the market for leather, what price would consumers pay for leather in the absence of a tariff or other import restrictions?

• A) a price less than $50
• B) $50
• C) a price somewhere between $50 and $100
• D) $100

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Definitions:

Oral Contract

An agreement between parties that is made verbally and is as legally binding as a written contract, though harder to prove.

Medical Services

Services provided by professionals in the healthcare sector, aimed at maintaining or improving individuals' health.

Oral Contract

An agreement that is made verbally and not committed to a written document, though still legally binding under many jurisdictions.

Writing

The representation of language in a textual medium through the use of a set of signs or symbols.