Use the following to answer questions :
Figure 18-5 
-In Figure 18-5, what level of output would domestic production achieve under a $1 tariff?
Definitions:
Differential Revenue
The difference in revenue generated under two different scenarios or choices.
Differential Revenue
The difference in revenue generated from two different business decisions, often used in managerial accounting to assess alternatives.
Opportunity Cost
The cost of an alternative that must be forgone in order to pursue a certain action or the benefits you could have received by taking an alternative action.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision, representing potential benefits missed.
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