Refer to the above data. If this economy were an open economy, the equilibrium GDP will be:

Refer to the figure above. What is the producer surplus when Lithasia opens to free trade?

A) $2 B) $5 C) $20 D) $21

Which of the following would cause a decrease in the equilibrium price and an increase in the equilibrium quantity of salmon?

A) a decrease in demand and a decrease in supply B) an increase in supply C) a decrease in demand and an increase in supply D) an increase in supply and an increase in demand greater than the increase in supply