The Effect of Trade Policy
Price | Quantity demanded | Quantity supplied |
$29 | 210 | 210 |
20 | 260 | 170 |
10 | 300 | 120 |
The table presents data for the domestic market for electric razors. Under autarky, the domestic price of an electric razor is $29. With free trade the price of an electric razor is $10 and after a tariff is imposed the price is $20. After the tariff is imposed, tariff revenue in this country will be ________.
◦ $1800
◦ $900
◦ $3400
◦ $400