-The Above Figure Shows the Market for Rice in Japan

question 53

Multiple Choice

-The above figure shows the market for rice in Japan.s₂ represents the domestic supply curve,and s₁ represents the world supply curve.Suppose a free market exists.The smallest tariff necessary to completely eliminate imported rice is

• A) $1 per unit.
• B) $2 per unit.
• C) $3 per unit.
• D) $4 per unit.

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Definitions:

Probabilities

Measures of the likelihood that an event will occur, expressed as numbers between 0 and 1, where 1 denotes certainty.

Outcome

A possible result or effect of an action, situation, or experiment, which can be measured, observed, or evaluated.

Federal Holidays

Days recognized by the federal government of a country as non-working days in commemoration of specified events or celebrations.

Sample Space

The set of all possible outcomes or results of a random experiment.