Figure 9-14

question 188

Multiple Choice

Figure 9-14.On the diagram below,Q represents the quantity of crude oil and P represents the price of crude oil.
-Refer to Figure 9-14.When the country for which the figure is drawn allows international trade in crude oil,

• A)consumer surplus for domestic crude-oil consumers decreases.
• B)the demand for crude oil by domestic crude-oil consumers decreases.
• C)the losses of the domestic losers outweigh the gains of the domestic winners.
• D)domestic crude-oil producers sell less crude oil.

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Definitions:

Free Market

An economic system where prices for goods and services are determined by the open market and consumers, in contrast to a controlled or regulated market system.

Media Products

Content produced and distributed by media outlets, including news, entertainment, information, and educational materials.

State Monopoly

A market structure where the production and distribution of a particular product or service is controlled exclusively by the government.

Broadcasting Corporation

An organization that produces and distributes content via radio or television channels to a wide audience.