The Figure Given Below Depicts the Negatively Sloped Demand and Positively

question 94

Multiple Choice

The figure given below depicts the negatively sloped demand and positively sloped supply curves of wheat in a country. Figure 35.2 In Figure 35.2, if the world price of wheat is $25 and a $10 tariff is imposed:

• A)imports will decrease from 300 to 200 bushels of wheat.
• B)imports will increase from 200 to 400 bushels of wheat.
• C)imports will remain unchanged.
• D)domestic production will decrease from 200 to 150 bushels of wheat.
• E)domestic production will remain unchanged.

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Definitions:

Product Line Extension

The introduction of additional items in a given product category under the same brand name, often varying in size, flavor, or related attributes, to cater to different consumer needs or preferences.

Market Segment

A subgroup within a larger market, defined by its own unique preferences or characteristics, targeted by marketers for specific strategies.

Product Line Extension

This involves adding new products to an existing range to attract more customers or meet their varying needs.

Product Class

A broad category of products that serve a similar function or are used in a similar manner.