Table 34-4
?
Quantity
Quantity
Quantity
Quantity
?
Price per
Demanded
Supplied
Demanded
Supplied
TV
in United States
in United States
Japan
Japan
(dollars)
(thousands)
(thousands)
(thousands)
(thousands)
100
100
10
100
25
200
85
20
85
50
300
70
30
70
70
400
60
40
60
80
500
50
50
50
90
600
40
60
40
100
700
30
70
30
110
800
20
80
20
120
Table 34-4 presents the demand and supply schedules for television sets in Japan and the United States. If there is no trade between these countries, what are the equilibrium price and quantity in Japan?
A. P = $100, Q = 100
B. P = $200, Q = 85
C. P = $300, Q = 70
D. P = $400, Q = 60
Answer: C
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