-The Above Figure Shows the Market for Rice in Japan

question 2

Multiple Choice

-The above figure shows the market for rice in Japan.SDₒmₑstᵢc represents the domestic supply curve,and Swₒᵣld represents the world supply curve.If a $1 tariff is imposed on imported rice,the change in consumer surplus is

• A) c + d.
• B) c + d +g.
• C) a + b + c + d.
• D) f + g.

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Definitions:

Retail Selling Price

The final price at which goods are sold to consumers, including all taxes, markups, and additional costs.

Mark-up

The amount added to the cost price of goods to cover overhead and profit, determining the selling price.

Regular Selling Price

The standard or usual price at which a product is sold to consumers, without any discounts or promotions.

Markdown

A reduction in the selling price of goods or services, typically to clear excess inventory or stimulate sales.