ECON201-HW9
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Refer to Figure 9-9. Consumer surplus in this market after trade is
A
Refer to Figure 9-9. Total surplus in this market after trade is
A + B + C + D
Refer to Figure 9-9. Producer surplus in this market after trade is
B + C + D
Refer to Figure 9-9. The change in total surplus in this market because of trade is
D, and this area represents a gain in total surplus because of trade
The infant-industry argument
is based on the belief that protecting industries when they are young will pay off later
A quota is
a limit on the quantity of imports
A tariff is a tax placed on
an imported good and consumers pay higher price of the good than the world price