-Refer to Exhibit 34-3.The world price is P_W.At this price,Americans purchase Q₁ from U.S.producers and import the quantity __________ from foreign producers.

Question

-Refer to Exhibit 34-3.The world price is P<sub>W</sub>.At this price,Americans purchase Q<sub>1</sub> from U.S.producers and import the quantity __________ from foreign producers. A) Q<sub>4</sub> - Q<sub>1</sub> B) Q<sub>2</sub> - Q<sub>1</sub> C) Q<sub>2</sub> - Q<sub>4</sub> D) Q<sub>2</sub> - Q<sub>3</sub>

Quizplus · Accepted Answer

The correct answer is B because it represents the difference between the total quantity demanded by Americans at the world price (Q₂) and the quantity supplied by U.S. producers at that same price (Q₁). This difference is the quantity imported from foreign producers.