The Graph Shown Demonstrates the Domestic Demand and Supply for a Good

question 127

Multiple Choice

The graph shown demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good. If the economy was previously operating in autarky, the decision to open to trade and impose a tariff will cause the economy to:

• A)decrease its consumption from 1,500 units to 1,150 units.
• B)increase its consumption from 815 units to 1,500 units.
• C)increase its consumption from 815 units to 1,150 units.
• D)decrease its consumption from 1,500 units to 815 units.

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