According to the graph shown, if this economy were open to free trade, domestic consumers would consume how many units?
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. 60
B. 115
C. 150
D. 90
C. 150
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Suppose there are 11 buyers and 11 sellers, each willing to buy or sell one unit of a good, with values {$14, $13, $12, $11, $10, $9, $8, $7, $6, $5, $4,}. Assume no transaction costs and a competitive market. Now suppose competition among several market makers forces the spread down to $4 . How many goods are traded?
a. Four b. Five c. Six d. Seven
In the United States, the federal minimum wage in early 2016was:
A. $7.25 per hour. B. $6.50 per hour. C. $8.00 per hour. D. $7.73 per hour.
Left to itself, a natural monopoly will produce
a. nothing b. the efficient level of output c. the quantity at which marginal cost equals marginal revenue d. the quantity at which the marginal cost and demand curves intersect e. the quantity at which the long-run average total cost and demand curves intersect
If coffee is a substitute for tea, and the price of coffee rises, what will happen?
A. Demand for tea will decrease. B. Demand for tea will increase. C. The quantity demanded of coffee will rise. D. The quantity demanded of tea will decrease.