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Author Question: Refer to the information provided in Figure 4.4 below to answer the question(s) that follow. Refer ... (Read 36 times)

armygirl

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Refer to the information provided in Figure 4.4 below to answer the question(s) that follow.













Refer to Figure 4.4. Assume that initially there is free trade. If the United States then imposes a $25 tax per barrel of imported oil


◦ the quantity of oil demanded will be reduced by 4 million barrels per day.
◦ the quantity of oil supplied by U.S. firms will increase by 8 million barrels per day.
◦ U.S. imports of oil will increase by 4 million barrels per day.
◦ the price of oil in the U.S. will increase to $150 per barrel.


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Marked as best answer by armygirl on Apr 19, 2019

dlook33

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