The Figure Given Below Represents the U

question 34

Multiple Choice

The figure given below represents the U.S. market for steel imports from Korea. The Korean government provides an export subsidy of $25 per ton, and Korean firms use the subsidy to reduce their export price to the United States to $375 per ton. What is the cost of the export subsidy to the Korean government?

• A)$375 million
• B)$3.75 billion
• C)$4.5 billion
• D)$52.25 billion

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