Below Is Some Data on the Output of Kumquats in Smith

question 45

Multiple Choice

Below is some data on the output of kumquats in Smith Island.

-Refer to information above to answer this question.If Smith Island imposed a tariff on kumquats of $3 per kilo,what would be the equilibrium price and quantity traded?

• A)$5 and 80.
• B)$6 and 70.
• C)$12 and 130.
• D)$12 and 0.
• E)$12 and 70.

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Definitions:

Contract

An agreement between two or more parties creating enforceable obligations recognized by law.

Negligent Per Se

A legal doctrine whereby an act is considered negligent because it violates a statute or regulation, establishing liability regardless of the standard care used.

Comparative Negligence

A legal doctrine that reduces the amount of damages a plaintiff can recover in a negligence-based claim, based upon the degree to which the plaintiff's own negligence contributed to the cause of their injury.

Assumption Of The Risk

A defense whereby the defendant must prove that the plaintiff voluntarily assumed the risk the defendant caused.