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

question 174

Multiple Choice

Refer to the accompanying table for a certain product's market in Econland. Assume that the world price of the product is $6. What would be the difference in the total revenue received by foreign producers after a quota of 400 units is imposed, compared against the total revenue received by foreign producers when a $1 per unit tariff is paid?

• A)$0 revenue difference
• B)$100 more in revenue with a quota than with a tariff
• C)$400 more in revenue with a quota than with a tariff
• D)$400 more in revenue with a tariff than with a quota

---

Definitions:

Moral Responsibility

The status of morally deserving praise or blame for actions or decisions, based on the ethical assessment of one's character and conduct.

Post Traumatic Stress Disorder

A psychological condition triggered by experiencing or witnessing terrifying events, characterized by severe anxiety, flashbacks, uncontrollable thoughts, and nightmares.

Alcoholic Rage

Aggressive or violent behavior induced by excessive consumption of alcohol.

Legal Responsibility

The obligation to adhere to the laws and regulations of a governing body, and to face penalties or legal consequences for actions that violate these laws.