The following graph shows the supply of and demand for baseballs in the United States. If the world price is $3 per baseball and a tariff of $1 per baseball is imposed, then the tariff revenue collected by the United States government is shown by the area _____.
Definitions:
GDP
GDP, or Gross Domestic Product, measures a country's economic output in terms of the total value of all goods and services produced within its borders in a specific time period.
Microeconomics
The study of how households and firms make decisions and how they interact in markets.
Macroeconomics
The branch of economics that studies the behavior and performance of an economy as a whole, including topics such as growth, inflation, and unemployment.
GDP
Gross Domestic Product; a measure of the economic output of a country, representing the total value of all goods and services produced over a specified time period.
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