Use the Following to Answer Questions

question 52

Multiple Choice

Use the following to answer questions :
Figure 18-4
-Suppose the country, importing oil in Figure 18-4 puts on a prohibitive tariff.The smallest prohibitive tariff would be:

• A)$0, since there is no trade at the current price.
• B)$5.
• C)$10.
• D)$20.
• E)impossible to determine exactly without more information.

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Definitions:

Dependent Events

Events whose occurrence or outcome is influenced by another event happening.

Mutually Exclusive

Two events that cannot occur simultaneously, meaning the occurrence of one event excludes the possibility of the other.

P(A)

The probability of event A occurring, in the context of all possible outcomes.

P(B)

The probability of event B occurring in a statistical experiment.