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Solve clearly Domestic Supply Price-World - Tariff World Price Demand 10 40 60 80 100 Widgets Refer to the above diagram, where the domestic supply

Solve clearly

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Domestic Supply Price-World - Tariff World Price Demand 10 40 60 80 100 Widgets Refer to the above diagram, where the domestic supply and demand for widgets are shown by the curves labeled Domestic Supply and Demand, and $3 is the world price of that product. With free trade, that is, assuming no tariff, the outputs produced by domestic and foreign producers, respectively, would be, and consumer surplus would equal O 40 widgets, 40 widgets, $390. 10 widgets, 90 widgets, $550 40 widgets, 80 widgets, $240 90 widgets, 10 widgets, $470

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