The Figure Given Below Depicts the Negatively Sloped Demand and Positively

question 17

Multiple Choice

The figure given below depicts the negatively sloped demand and positively sloped supply curves of wheat in a country. Figure 20.2 In Figure 20.2, if the world price of wheat is $35 and a $15 tariff is imposed:

• A)domestic consumption will decrease from 400 to 350 bushels of wheat.
• B)the government will collect $200 in revenue from the tariff.
• C)domestic consumption will increase from 150 to 200 bushels of wheat.
• D)imports will be eliminated.
• E)domestic consumption will increase from 150 to 300 bushels of wheat.

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Definitions:

Push System

A type of inventory control system where products are manufactured or acquired based on forecasted demand, pushing products towards the consumer without immediate demand signals.

JIT

Just-In-Time, a production strategy aimed at reducing in-process inventory and associated carrying costs by producing and delivering products just as they are needed.

Service Organizations

Entities that primarily offer intangible goods to consumers through the provision of services instead of physical products.

Competitive Advantage

The attributes that allow an organization to outperform its competitors, such as cost, product differentiation, and market access.