Refer to the Graph Above, Where S_d and D_d Are

question 13

Multiple Choice

Refer to the graph above, where S_d and D_d are the domestic supply and demand curves for a product. The world price of the product is $6. If the market is open to international trade but there is a tariff of $2 per unit imposed, the total government revenue generated by the tariff would be:

• A) $40
• B) $60
• C) $80
• D) $100

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Definitions:

Tort

A private wrong that injures another person’s physical well-being, property, or reputation.

Insane

A term used to describe severe mental illness or incapacity, often legally defined in the context of an individual's fitness to stand trial or make decisions.

Court Order

An official proclamation by a judge that directs or requires parties to do or refrain from doing specified actions.

Vicarious Liability

The concept of laying responsibility or blame upon one person for the actions of another.