The figure below shows the demand (D) and supply (S) curves of a good produced domestically in an economy as well as traded in the international market.?Figure 20.1??In the figure,?P₁: Price of the good in the international market.?P₂: Price of the good in the domestic market after the imposition of tariff by the government.?P₃: No-trade price of the good in the domestic market.
-According to Figure 20.1, the tariff revenue earned by the domestic government is equal to the:
Definitions:
Primary Activities
Those business activities related to the production and distribution of the firm’s products and services, thus creating value.
Support Activities
Business activities that do not add value directly to a firm’s product or service under consideration but support the primary activities that do add value.
Add Value
To add value means to enhance or increase the worth of a product or service through additional features, improved quality, or enhancement of some form.
Differentiation
The process of making a product, service, or business model stand out from competitors, often through unique features, quality, or branding.
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