Figure 9-29 The Following Diagram Shows the Domestic Demand and Domestic Supply

question 27

Short Answer

Figure 9-29
The following diagram shows the domestic demand and domestic supply curves in a market.Assume that the world price in this market is $1 per unit.
-Refer to Figure 9-29.Suppose the country imposes a $1 per unit tariff.If the country allows trade with a tariff,how much is tariff revenue?

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Definitions:

Low

Refers to a position, level, or figure that is less than average or normal; often associated with quantity, quality, or degree.

Nonreactive

Describes a substance or material that does not chemically react under a set of given conditions.

Reactive

describes a response or behavior that is made in reaction to a stimulus or situation, rather than initiating action independently.

Ultimate Attribution Error

A cognitive bias where positive behaviors from one's in-group are attributed to their character, while negative behaviors are dismissed as situational, and the opposite is applied to out-groups.