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question 173

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Use the following to answer question: 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<sub>W</sub> to P<sub>T</sub> and the volume of imports falls to: A) Q<sub>2</sub> - Q<sub>1</sub>. B) C<sub>1</sub> - C<sub>2</sub>. C) C<sub>1</sub> - Q<sub>1</sub>. D) C<sub>2</sub> - Q<sub>2</sub>.
-(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 PW to PT and the volume of imports falls to:


Definitions:

Monopolistic Competition

An industry setup where numerous companies offer products that are alike but not exactly the same, providing a certain level of influence over the market.

Profit Maximizes

The process or strategy of adjusting the production output and pricing to achieve the highest possible profit.

Monopolistic Competition

This is a market structure in which many companies sell products that are similar but not identical, allowing for competition on aspects other than just price.

Marginal Revenue

Revenue gained by selling an additional unit, illustrating the increase in total revenue due to one more unit of output sold.

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