Asingle person making $20,000 would pay per cent on $7,550 and 15% on the remainder..

The demand curve determines equilibrium price in a market. is a graphical representation of the relationship between price and quantity demanded. depicts the relationship between production costs and output. is a graphical representation of the relationship between price and quantity supplied.

Which of the following best explains how trade enables greater specialization among producers? a. trade diversifies the market by bringing specialized goods from around the world. b. trade requires distribution networks and adds one more step to the production process. c. trade enables producers to open up new markets for their goods and services. d. trade allows people to focus on one kind of production and trade for their other needs.

Tariffs and quotas are often imposed when a government is more responsive to interests, and the benefits of those trade restrictions are often ; concentrated producer; widely dispersed consumer; widely dispersed consumer; concentrated