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Use the following information to answer the following questions.
Market for used cars:
Demand: Qd = 154,000 - 86P
Supply: Qs = -100 + 14P
-What would be the quantity supplied if a price floor is set at $2,000?
Tariffs
Taxes imposed by a government on imported goods in order to protect domestic industries or to generate revenue.
Quotas
A quota is a government-imposed trade restriction that limits the number or monetary value of goods that can be imported or exported during a specified period.
Free Trade Agreements
Treaties between two or more countries to establish a free trade area, where commerce is conducted without tariffs or restrictions.
Personal Consumption
The value of goods and services consumed by individuals and households for their own use.
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