The Demand for Shoes in a Country Is Given by D

question 132

Multiple Choice

The demand for shoes in a country is given by D = 60 - 0.5P,where P is the price of a pair of shoes.Supply by domestic producers is given by S = 20 + 0.5P.The world price of a pair of shoes equals $30 and this economy is open to trade.If a quota of 6 pair of shoes is placed on shoe imports,the quantity of shoes demanded domestically will change from ________ pairs with no quota to _________ pairs with the quota.

• A) 40;43
• B) 40;45
• C) 43;40
• D) 45;40
• E) 45;43

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Definitions:

Dresses

Garments for the body that typically consist of a skirt with an attached bodice or a matching bodice giving the effect of a one-piece garment.

Bystander Effect

In social psychology, it describes a situation where the presence of others decreases an individual's likelihood to help a victim.

Observer

An individual who watches or notices something without directly participating.

Group

A collection of individuals who interact with one another, share similar characteristics, and collectively have a sense of unity.