The Figure Given Below Depicts the Negatively Sloped Demand and Positively

question 79

Multiple Choice

The figure given below depicts the negatively sloped demand and positively sloped supply curves of wheat in a country.Figure 21.2

-By restricting the amount of a good that may be imported:

• A)quotas, increase prices, thus causing domestic producers to sell less than they would with free trade.
• B)tariffs lower prices, thus allowing domestic producers to sell more than they would with free trade.
• C)quotas increase prices, thus allowing domestic producers to sell more at higher prices than they would with free trade.
• D)tariffs lower prices, thus causing domestic producers to realize lower total revenue.
• E)quotas simply replace foreign production with domestic production.

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Definitions:

U.S. Dollar

The official currency of the United States, often used as a standard unit of currency in international markets due to its widespread acceptance.

Canadian Exports

Canadian exports refer to goods or services that are produced in Canada and sold to buyers in other countries.

Cultural Sensitivity

Awareness and understanding of the cultural differences and similarities within and between groups.

Cyberspace

A digital environment where communication over computer networks occurs.