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

question 170

Multiple Choice

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 tariff would generate government revenues of

• A)$600.
• B)$400.
• C)$800.
• D)$1,200.

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Definitions:

Unethical Behavior

Actions or practices that violate moral or professional standards of conduct.

Corporation

A legal entity recognized by law as separate from its owners, providing limited liability protection to its shareholders.

Legal Entity

A legal entity refers to any company or organization that has legal rights and obligations, including the ability to enter into contracts, sue, and be sued.

Sole Proprietorship

A business owned and operated by a single individual, with no legal distinction between the owner and the business entity.