Use Figure 1 to Answer Questions

question 34

Multiple Choice

Use Figure 1 to answer questions

-In Figure 1,if the free trade price was $10 and a $5 tariff was imposed on the imports,then how much is the consumption effect of the tariff (how much will the consumers loose as a result of the tariff) ?

• A)10
• B)20
• C)50
• D)90

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Definitions:

Dominant Strategy

A strategy that is best for a player in a game regardless of the strategies chosen by the other players.

Contribute

To give or supply something (such as money, resources, or ideas) towards a common purpose or fund.

Benefit

The advantage or profit gained from something, often evaluated in economic, social, or personal contexts.

Payoff

The outcome or reward from a particular action or investment, often used in the context of games, economics, and decision-making scenarios.