According to the graph shown, if this were depicting an autarky, the equilibrium price would be:
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. $10.
B. $14.
C. $17.
D. $4.
B. $14.
Economics
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Why does the market not provide national defence?
a) It is impossible to prevent any single person from enjoying the benefit of national defence. b) The fixed cost of national defence is too high. c) The necessary resources for national defence are not available in the private sector. d) Private sectors are not willing to pay for it.
Economics
The price elasticity of demand measures how much
a. quantity demanded responds to a change in price. b. quantity demanded responds to a change in income. c. price responds to a change in demand. d. demand responds to a change in supply.
Economics