Multiple Choice
Refer to the accompanying table for a certain product's market in Econland. Assume that the world price of the product is $6. What would be the difference in the total revenue received by foreign producers after a quota of 400 units is imposed, compared against the total revenue received by foreign producers when a $1 per unit tariff is paid?
A) $0 revenue difference
B) $100 more in revenue with a quota than with a tariff
C) $400 more in revenue with a quota than with a tariff
D) $400 more in revenue with a tariff than with a quota
Correct Answer:
Verified
Correct Answer:
Verified
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