Consider Figure 4.2. With free trade, the United States achieves market equilibrium at a price of ____. At this price, ____ of steel are produced by U.S. firms, ____ are bought by U.S. buyers, and ____ are imported.
a. $450, 5 tons, 60 tons, 55 tons
b. $475, 10 tons, 50 tons, 40 tons
c. $525, 5 tons, 60 tons, 55 tons
d. $630, 30 tons, 30 tons, 0 tons
b. $475, 10 tons, 50 tons, 40 tons
Business
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