Refer to the Information Provided in Figure 19

question 56

Multiple Choice

Refer to the information provided in Figure 19.4 below to answer the questions that follow.
Figure 19.4
-Refer to Figure 19.4.The domestic price of a leather wallet is $20.With free trade the price of a leather wallet is $10 and after a tariff is imposed the price is $15.After the tariff is imposed,

• A)domestic production and consumption will increase by 50 wallets and domestic consumption will increase by 50 wallets.
• B)domestic production will increase by 150 wallets and domestic consumption will decrease by 250 wallets.
• C)domestic production will increase by 100 wallets and domestic consumption will decrease by 100 wallets.
• D)domestic production will increase by 50 wallets and domestic consumption will decrease by 50 wallets.

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