The table above has the domestic demand and domestic supply schedules for a good. If the world price of the good is $10 and international trade occurs, then according to the table
A) domestic production is higher before trade than after trade.
B) the country imports 16 units a day.
C) the country imports 6 units a day.
D) the country exports 6 units a day.
E) the country exports 22 units a day.
D
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The theory of consumer choice is based on the hypothesis that each consumer wants to
a. maximize her total utility. b. maximize her marginal utility. c. minimize the rate at which her marginal utility diminishes. d. minimize the percentage of her consumption diverted to inferior goods.
Linus has just watched two hours of TV. We can say:
A. his second hour of watching TV likely reduced his total utility. B. his second hour of watching TV likely added less to his total utility than did the first. C. if he watches a third hour it will likely decrease his total utility. D. if he watches a third hour it will likely increase his total utility by at least as much as the second.