Refer to the Table Above

question 279

Multiple Choice

Refer to the table above. What is the price that yields the maximum total revenue?

• A)$2
• B)$3
• C)$4
• D)$5

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Definitions:

International Trade

The exchange of goods and services between countries.

Equilibrium Price

The market price at which the supply of an item equals the quantity demanded, leading to a stable market condition without surplus or shortage.

China

A populous country in East Asia, known for its ancient civilization and as a major economic and political power in the modern world.

Trade Restrictions

Regulations or policies that limit international trade, often imposed to protect domestic industries from foreign competition.