Refer to the Accompanying Table for a Certain Product's Market

question 19

Multiple Choice

$$\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Quantity Demanded } \\\text { Domestically }\end{array} & \text { Price } & \begin{array} { c } \text { Quantity Supplied } \\\text { Domestically }\end{array} \\\hline 1,400 & \$ 10 & 2,200 \\\hline 1,600 & 9 & 2,000 \\\hline 1,800 & 8 & 1,800 \\\hline 2,000 & 7 & 1,600 \\\hline 2,200 & 6 & 1,400 \\\hline 2,400 & 5 & 1,200 \\\hline\end{array}$$ Refer to the accompanying table for a certain product's market in Econland. If the world price of the product were $6 and a tariff of $1 per unit were applied to imports of the product, then the total
Revenue (after tariff) going to domestic producers would be

• A) $11,200, and the total revenue (after tariff) going to foreign producers would be $2,800.
• B) $11,200, and the total revenue (after tariff) going to foreign producers would be $2,400.
• C) $8,400, and the total revenue (after tariff) going to foreign producers would be $2,800.
• D) $13,200, and the total revenue (after tariff) going to foreign producers would be $2,400.

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Definitions:

Herbert Simon

was an American economist and cognitive psychologist known for his contributions to decision-making theory and artificial intelligence.

Nobel Laureate

An individual who has been awarded the Nobel Prize, recognizing outstanding contributions to humanity in fields such as literature, peace, economics, medicine, and science.

Cross-Association

A connection or correlation between two or more variables or entities from different contexts or domains.

Capital Markets

Financial markets where long-term debt or equity-backed securities are bought and sold.