This Graph Demonstrates the Domestic Demand and Supply for a Good,as

question 84

Multiple Choice

This graph demonstrates the domestic demand and supply for a good,as well as a tariff and the world price for that good. According to the graph shown,if the economy is operating under free trade,who would be in favor of a tariff?

• A) Domestic producers
• B) Domestic consumers
• C) Foreign producers
• D) Foreign governments.

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Definitions:

Cost

The value of what is given up in exchange for something; often associated with financial expenditures but can also include time and effort.

Cohabitation

The state of living together and sharing a domestic life without being married.

United States

A country located primarily in North America, consisting of 50 states and a federal district.

Europe

A continent located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere, comprising various countries and cultures.