-The Figure Above Shows the U

question 78

Multiple Choice

-The figure above shows the U.S.demand and U.S.supply curves for cherries.In the absence of international trade,how many pounds of cherries would U.S.farmers produce?

• A) 200,000 pounds
• B) 400,000 pounds
• C) 600,000 pounds
• D) 800,000 pounds
• E) 0 pounds

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Definitions:

Tax Burden

The measurement of taxes paid by an individual or business, often expressed as a percentage of income or revenue.

Consumers

Consumers are individuals or entities that purchase goods or services for personal use and not for manufacture or resale.

Long Run

The time period in which all inputs can be varied.

Excise Tax

A tax levied on specific goods, services, or activities, often aimed at discouraging certain behaviors (like smoking) or generating revenue from specific sectors.