This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this economy were to open to trade, consumers would:
A. enjoy a net gain to surplus of DEFG.
B. suffer a transfer of surplus to the producer of DEFG.
C. experience deadweight loss of FG.
D. suffer a net loss to surplus of DEFG.
Answer: A
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The intersection between demand of US dollar and the supply of US dollar is known as
a. Inflation rate b. Exchange rate c. Price d. Quantity
The cost of inflation reduction is a large, permanent increase in unemployment
a. True b. False Indicate whether the statement is true or false
If the executives of the U.S. silicon-chip industry lobby Congress for protection from imports on the grounds that theirs is a new industry that needs time to develop technological efficiency, they are using the:
A) environmental standards argument. B) infant industry argument. C) cheap foreign labor argument. D) national security argument.
A black market is a market in which
A) goods are traded at prices above their legal maximum prices. B) sales taxes are effectively doubled. C) goods are sold at outlet prices. D) sales take place exclusively at outlet prices.