Asked by
harsh bhati
on Dec 12, 2024
Verified
Refer to Figure 17-9. With trade and without a tariff,
A) the domestic price is equal to the world price.
B) carnations are sold at $8 in this market.
C) there is a shortage of 400 carnations in this market.
D) this country imports 200 carnations.
Tariff
is a tax imposed by a government on goods and services imported from other countries to protect domestic industries from foreign competition.
Domestic Price
The price of goods or services within a country, influenced by local demand and supply conditions, taxes, and other internal factors.
Carnations
A type of flower known for its distinct, clove-like scent and its popularity as a gift or decorative plant.
- Gain an in-depth understanding of the effects that international commerce has on prices and quantities in domestic markets.
Verified Answer
NR
Learning Objectives
- Gain an in-depth understanding of the effects that international commerce has on prices and quantities in domestic markets.