Use the graph below to answer the following questions. 1st attempt Part 1 (3 points)See Hint If the market is a free-trade market, the market equilibrium price is $ and the market equilibrium quantity produced domestically is . There are units being imported. Part 2 (3 points)See Hint If a tariff is imposed, the new market equilibrium price will be $ and the market equilibrium quantity produced domestically will be . There are units being imported. Part 3 (1 point)See Hint The tariff provides a tax revenue of $ .

Transcribed Image Text:

Price $45 $35 $30 60 80 140 160 Sdo domestic only Si with tariff Sfree trade Quantity (thousands) Price $45 $35 $30 60 80 140 160 Sdo domestic only Si with tariff Sfree trade Quantity (thousands)

Answer rating: 100% (QA)

the graph and answer the questions about the market equilibrium price quantity produced domestically and the tariff revenue Freetrade market Market eq... View the full answer