U)SImports of Sugar Are Limited by an Import Quota That,according

question 15

Multiple Choice

U) S.imports of sugar are limited by an import quota that,according to a study updated in 2013,imposed a total cost on American consumers close to $________,or an average cost of ________ per year for every man,woman,and child in the country.

• A) $3 billion; $10
• B) $105 million; $3
• C) $2 billion; $110
• D) $3 billion; $2,000
• E) $370 million; $2,000

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Definitions:

Consumer Equilibrium

A state where a consumer has allocated their income in a way that maximizes their utility, given the prices of goods and services.

Total Utility

The complete satisfaction or happiness a consumer derives from consuming a particular quantity of goods or services.

Consumer Equilibrium

A state where a consumer has allocated their income in a way that maximizes their utility, given their budget constraints and the prices of goods and services.

Total Utility

The entire satisfaction or pleasure a consumer obtains from consuming a given quantity of goods or services.