The figure above shows the U.S. demand and U.S. supply curves for cherries. At a world price of $2 per pound once international trade occurs, the total imports of cherries to the United States from other nations equals
A) 200,000 pounds.
B) 400,000 pounds.
C) 600,000 pounds.
D) 800,000 pounds.
E) 0 pounds.
E
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One indication that an industry might be oligopolistic is that prices change
a. infrequently. b. frequently. c. in rhythmic patterns. d. on a regular, periodic basis.
Markets in which the behavior of the firms theoretically leads to an efficient allocation of resources that maximizes the benefits to consumers given the resources available to consumers are
a. monopolistic competition and oligopoly. b. monopoly and oligopoly. c. monopolistic competition and monopoly. d. perfect competition and perfectly contestable.
Which of the following is true?
a. The best distribution of income can be determined objectively. b. The transfer of income from one group to another is costly; it will generally reduce total output. c. Positive economics can determine the variation in incomes that would be best for an economy. d. The fairness of an income distribution is determined by its pattern (the measured degree of income inequality). e. All of the above are true.
The price elasticity of demand is a measure of the extent to which the quantity demanded of a good changes when ________ and all other influences on buyers' plans remain the same
A) income changes B) the price of a related good changes C) the price of the good changes D) the demand alone changes E) both the demand and the supply simultaneously change