If the world price of steel is greater than the U.S. "no-trade" domestic equilibrium price of steel, the United States:
a. will not produce steel.
b. will demand steel from the rest of the world.
c. will supply steel to the rest of the world.
d. will not trade steel.
e. will have a shortage of steel in the domestic market.
c
Economics
You might also like to view...
Trade barriers are politically popular because
A) they are a way to avoid trade wars and still protect domestic producers. B) people recognize their use as a negotiating tool in international relations. C) their benefits are widespread, while their costs are highly concentrated. D) their benefits are concentrated, while their costs are widespread.
Economics
The decrease in consumer surplus and producer surplus that results from an inefficient level of production is called the
A) external cost. B) external benefit. C) deadweight loss. D) big tradeoff.
Economics