Use the Following to Answer Question

question 173

Multiple Choice

Use the following to answer question:
-(Figure: A Tariff on Oranges in South Africa) Use Figure: A Tariff on Oranges in South Africa.When the government imposes a tariff on imported oranges,the price of oranges in South Africa rises from P_W to P_T and the volume of imports falls to:

• A)Q₂ - Q₁.
• B)C₁ - C₂.
• C)C₁ - Q₁.
• D)C₂ - Q₂.

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Definitions:

Capitalist Income

The earnings from capital investment, including profits, interest, and dividends, attributed to owners in a capitalist economy.

Unionism

The principles, practices, or the system of forming and belonging to a labor union to protect and further the rights and interests of workers.

Normal Profit

The payment made by a firm to obtain and retain entrepreneurial ability; the minimum income that entrepreneurial ability must receive to induce entrepreneurs to provide their entrepreneurial ability to a firm; the level of accounting profit at which a firm generates an economic profit of zero after paying for entrepreneurial ability.

Entrepreneurial Talent

The unique skills and abilities possessed by individuals that enable them to innovate, start new businesses, and drive economic growth.