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The demand for microwaves in a certain country is given by: D = 8,000 - 30P, where P is the price of a microwave. Supply by domestic microwave producers is: S = 4,000 + 10P. If this economy opens to trade while the world price of a microwave is $50, and the government imposes a tariff of $30 per microwave, then the tariff revenue collected by the government will be ________.
Market Price
The current price at which an asset or service can be bought or sold.
Doctor Visit
An appointment or instance in which an individual consults with a physician or medical professional for health assessment, advice, or treatment.
Rent Controls
Government regulations that limit the amount landlords can charge for renting out a property, intending to make housing more affordable for tenants.
Imposed
Something that is enforced or applied by authority.
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