Refer to the table below to answer the following questions.
Table 7.1.2

-Table 7.1.2 shows a country's demand and supply schedules for a good.At what world price would the country import this good?
A)at exactly $8 a unit
B)any price above $8 a unit
C)a price of $10 a unit
D)a price of $20 a unit
E)a price below $8 a unit

Question

Refer to the table below to answer the following questions.
Table 7.1.2
 
-Table 7.1.2 shows a country's demand and supply schedules for a good.At what world price would the country import this good?
A)at exactly $8 a unit 
B)any price above $8 a unit 
C)a price of $10 a unit 
D)a price of $20 a unit 
E)a price below $8 a unit

Quizplus · Accepted Answer

The country would import the good at a world price below $8 a unit because at this price, the domestic price is higher, leading to a situation where it is cheaper to import than to produce domestically.

Refer to the Table Below to Answer the Following Questions