The diagram shows that the imposition of a tariff raises a product’s world price from $\$ 10$ to $\$ 14$.
What was the change in domestic producers’ income as a result of the tariff?
1 )
It rose by $120 million.
2 )
It rose by $160 million.
It rose by $220 million.
4 )
It rose by $280 million.
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