Suppose the World Price of Widgets Is $5 Each

question 252

Multiple Choice

Suppose the world price of widgets is $5 each.If a widget-importing country imposed a $2 per widget tariff,what price would that country's consumers pay for widgets?

• A) $10
• B) $7
• C) $5
• D) $3
• E) A price that is greater than $5 and less than $7

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Definitions:

Accept The Offer

The act of agreeing to the terms proposed in an offer, thus forming a contractual agreement.

Reject The Offer

The act of declining a proposal or invitation, typically in negotiations, employment, or contractual agreements.

Standard Deviation

A measure of the dispersion or variation in a set of numerical data, indicating how spread out the values are from the mean.

Expected Return

The average of all possible returns for an investment, weighted by their likelihood of occurrence.