Author Question: Refer to Figure 9-3. What is the value of revenue to foreign producers who are granted permission to ... (Read 90 times)

asan beg · **on:** Jun 29, 2018

Refer to Figure 9-3. What is the value of revenue to foreign producers who are granted permission to sell in the U.S. market when there is a quota?

A) 12 million B) 17.25 million C) 20 million D) 44 million

Question 2

Refer to Table 4-11. The equations above describe the demand and supply for Chef Ernie's Sushi-on-a-Stick. The equilibrium price and quantity for Chef Ernie's sushi are 60 and 20 thousand units.

What is the value of economic surplus in this market?
A) 300 thousand B) 600 thousand C) 1,200 thousand D) 1,600 thousand