Based on the table below, at what world price would the country import the good?
Price Q Demanded Q Supplied
2 100 70
4 95 75
6 90 80
8 85 85
10 80 90
12 75 95
A) a price below $8
B) at exactly $8
C) a price above $8
D) It is impossible to say.
A
Economics
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The government redistributes funds via transfer payments in order to ________
A) reduce the number of private transactions B) increase competition among domestic producers C) finance the operation of its various departments D) reduce inequality among the citizens
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The surplus that is lost and not converted to tax revenue when a tax is imposed is:
A. deadweight loss. B. value that disappears. C. not transferred to anyone else. D. All of these statements are true.
Economics