Economics (AS & A Level) · May / June 2023 · Paper 13 · Question 29

The diagram shows that the imposition of a tariff raises a product's world price from $10 to $14. By how much did domestic producers' income increase as a result of the tariff?

1. A$120 million
2. B$160 million
3. C$220 million
4. D$280 million

As printed in the paper