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

question 135

Multiple Choice

The graph shown demonstrates the domestic demand and supply for a good, as well as the world price for that good. If the economy decides to impose a $15 per unit tariff, the government can expect to raise how much in government revenue?

• A)$1,500
• B)$1,800
• C)$3,000
• D)$2,400

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Definitions:

Pie Chart

A circular graph divided into slices to illustrate numerical proportion.

Scatter Diagram

A graph plotted with dots representing two variables' values to show any correlations or patterns between them.

Time-Series Graph

A time-series graph displays data points at successive time intervals, showing trends, cycles, or patterns over time.

Omitted Variables

Variables that are not included in a model, which can lead to biased estimates and incorrect conclusions.