Refer to the Accompanying Graph, Where S_d and D_d Are

question 14

Multiple Choice

Refer to the accompanying graph, where S_d and D_d are the domestic supply and demand curves for a product. The world price of the product is $6. If an import quota of 40 units were imposed on the product, then the equilibrium price would be

• A)$6 and the quantity consumed 80 units.
• B)$8 and the quantity consumed 70 units.
• C)$10 and the quantity consumed 60 units.
• D)$12 and the quantity consumed 50 units.

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Definitions:

Proprietary, On-premise

This term describes software that is owned by a specific company and is installed and runs on computers on the premises of the organization using the software, as opposed to being cloud-based.

VMI

Vendor Managed Inventory, a business model in which the supplier of goods, rather than the retailer, is responsible for managing and replenishing inventory.

Walmart And P&G

Two major corporations, Walmart, a retail giant, and Procter & Gamble (P&G), a multinational consumer goods company, known for their strategic partnerships and business relations.

JIT

Just-In-Time, a manufacturing methodology aimed at reducing flow times within production as well as response times from suppliers and to customers.