Multiple Choice
Refer to the accompanying table for a certain product's market in Econland. If the world price of the product were $6 and an import quota of 400 units were imposed on the product, then the equilibrium price in Econland would be
A) $6 and the total quantity available in Econland would be 2,200 units.
B) $6 and the total quantity available in Econland would be 1,800 units.
C) $7 and the total quantity available in Econland would be 2,000 units.
D) $7 and the total quantity available in Econland would be 1,800 units.
Correct Answer:
Verified
Correct Answer:
Verified
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