Suppose a Small Island Nation Imports Sugar for Its Population

question 110

Multiple Choice

Suppose a small island nation imports sugar for its population at the world price of $1,500 per ton. The domestic market for sugar is shown below. If the government provides a subsidy of $500 per ton, the equilibrium price of sugar will be ______ per ton, and the equilibrium quantity will be ______ tons per day.

• A)$1000; 12
• B)$1000; 8
• C)$1500; 12
• D)$1500; 8

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