Table 7.2.1

-The table shows a country's demand and supply schedules.Based on Table 7.2.1,at what world price would the country import?
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

Table 7.2.1
 
-The table shows a country's demand and supply schedules.Based on Table 7.2.1,at what world price would the country import?
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

A country will import goods when the world price is below the domestic equilibrium price, as it can purchase the goods more cheaply from abroad than producing them domestically.

Table 7.2.1 -The Table Shows a Country's Demand and Supply Schedules.Based on and Supply