The Equations for the Demand and Supply Curves for a Particular

question 137

Multiple Choice

The equations for the demand and supply curves for a particular product are P = 10 - .4Q and P = 2 + .4Q,where P is price and Q is quantity expressed in units of 100.After an excise tax is imposed on the product,the supply equation is P = 3 + .4Q.The equilibrium quantity after the excise tax is imposed is:

• A) 750 units.
• B) 850 units.
• C) 875 units.
• D) 950 units.

Analyze the impact of world prices on a country's desire to import or export goods.

Understand the purpose and effects of excise taxes, protective tariffs, revenue tariffs, import quotas, and voluntary export restrictions.

Identify and analyze the equilibrium prices and quantities in international trade scenarios.

Understand the concept of nontariff barriers (NTBs) and their examples.

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