Take a look at the graph below showing the market for Canadian lumber being imported into the US. Imagine that the US government wants to reduce the amount of Canadian lumber being imported. Given an original supply, 50, and demand, D, what tariff (tax on an imported good) would the government have to impose on lumber imported from Canada to reduce imports to 600 tons? h 0 .n E 3 5 so I- = llllllllllllllllllll 13 o 9 m H : .. 7 cu 0 o :3. ~52 o w _ I I U ': 600 800 1:. Quantity of Canadian lumber in tons $2 per ton. " $3 per ton. $6 per ton. $7 per ton. Question 8 4 pts An increase in the price of a product will reduce the amount of that product that consumers purchase because: " supply curves have a positive slope. " a higher price means that incomes have risen. " consumers will substute other products for the good whose price has risen. " producers will not want to supply the same quantity at a higher price. 0k 50 100 150 200 Quantity According to the diagram above, equilibrium price in this market will be: $20 $40 $60 cannot be determined. 50 100 160 200 Quantity According to the diagram above, a price of $60 will lead to: 7' market equilibrium. ' a shortage of 40 units. ' a surplus of 100 units. ' a shortage of 100 units. Below is a supply and demand graph for the cereal market. Which of the following scenarios is consistent with what is shown in the graph? Market for Cereal P S P2 P1 D2 D1 Q1 Q2 Q A new supplier has entered the cereal market. Oats, a common cereal ingredient, has gotten significantly cheaper. A push to eat more whole grains has consumers excited to eat more cereal. O Consumers are skipping breakfast more often these days.Take a look at the graph below showing the market for Canadian lumber being imported into the US. Imagine that the US government wants to reduce the amount of Canadian lumber being imported. Given an original supply, 80, and demand, D, what tariff (tax on an imported good) would the government have to impose on lumber imported from Canada to reduce imports to 600 tons? L. I.) .a E 2 C .L' c 1:: o m H c L 0 8 a. u. 0} O c a .- ! I U 'z 600 800 1:. Quantity of Canadian lumber in tons $2 per ton. $3 per ton. $6 per ton. $7 per ton