FIGURE 8-4 -Refer to Figure 8-4. What Is Total Revenue for the Total

question 47

Multiple Choice

FIGURE 8-4

-Refer to Figure 8-4. What is total revenue for the firm in Graph B at a market price of $4.90?

• A) $0
• B) $4.90
• C) $490
• D) $500

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Definitions:

Protectionism

Economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow (according to proponents) fair competition between imports and goods and service produced domestically.

World Trade

The exchange of goods and services across international borders or territories.

Tariffs

Taxes or duties to be paid on a particular class of imports or exports.

Quotas

Limits set on the quantity or value of goods that can be imported or exported over a specified period.