-Refer to Above Figure

question 43

Short Answer

-Refer to above figure. In the absence of a tariff and in the presence of trade, what is the country's consumer surplus?

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Definitions:

Principal

The face amount of the note.

Promissory Note

A written promise to pay a specified sum of money to a designated person at a fixed or determinable future time.

Creditor

Someone who has a claim to assets.

Promissory Note Payable

A financial instrument that signifies a written promise by one party to pay a specific sum of money to another party under agreed terms.