A change in the price level will cause a shift in the expenditure schedule

Refer to above figure. In autarky, Country P was producing at point 5. With trade, would its production point be found above or below point 5? Explain why

What must happen in the K/L intensity ratio in the production of each of the products in this country when moving from autarky to free trade?

Monopsony firms will hire more workers than they would if the labor market were competitive

Indicate whether the statement is true or false