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Table 6.1 indicates the demand and supply schedules for oil in the United States

ID: 1092597 • Letter: T

Question

Table 6.1 indicates the demand and supply schedules for oil in the United States. Suppose also that the world price of oil is $75 per barrel and that the United States can buy all the oil it wants at that price. Which of the following statements is TRUE about the impact of a law banning all oil imports? 15) ______ A) Domestic producers benefit from the law because they can charge a higher price and sell more. B) Consumer surplus increases. C) Consumers would pay a lower price for oil than they would under free trade. D) Total surplus in the oil market rises.

Explanation / Answer

ans-A) Domestic producers benefit from the law because they can charge a higher price and sell more.

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