Consider the following supply schedules for Andrew, Yuan, and Kevin, who are the only producers of coffee beans:

Andrew Yuan Kevin

Price per Pound Pounds of Coffee Beans Produced

$20 8 24 12

$15 6 18 9

$10 4 12 6

$5 2 6 3

$0 0 0 0

If the market equilibrium price is $15 per pound of coffee beans, then what is the market quantity supplied? Assume the market is perfectly competitive and in equilibrium.

ANSWER CHOICES:

A) 0 pounds

B) 11 pounds

C) 22 pounds

D) 33 pounds

E) 44 pounds

What will happen to an economy that produces and imports a good tariff is removed?

ANSWER CHOICES:

A) There will be a decrease in consumer surplus for domestic consumers

B) Domestic producer surplus will increase

C) The domestic consumption of the good will increase

D) Both domestic production and imports will increase

E) There will be some deadweight loss.

Price Supply B E P2 T -F C H P3 D J K G 1---- Demand Q1 Q2 Q3 Quantity (units)Price Supply A D G B I K E C F H L Demand 0 Q. Quantity