Refer to the table above for a certain product's market in Econland. If the world price of the product were $6 and an import quota of 400 units were imposed on the product, then the equilibrium price in Econland would be:
Definitions:
Market Value
The current price at which an asset or service can be bought or sold in an open market, influenced by supply and demand.
Earnings Per Share
A financial ratio that measures the amount of a company's profit allocated to each outstanding share of common stock, indicating the company's profitability on a per-share basis.
Net Income
The total earnings of a company after subtracting all expenses from revenues.
Common Stock
A form of corporate equity ownership, a type of security representing ownership in a corporation and a claim on part of the corporation's assets and earnings.
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