Exhibit 34-7 
Refer to Exhibit 34-7. The world price of good X is $15. If imports of good X are legally limited to 30 units, the price of X in the United States would be
Definitions:
Sample Information
The data and characteristics collected from a subset of a population, used to make inferences or predictions about the overall population.
Inferences
The process of drawing logical conclusions from available evidence or known facts.
Population
The entire group of individuals or instances about which scientists are interested.
Probability
A gauge of the probability that a particular event will take place.
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