The diagram below shows supply and demand curves for bicycles in the domestic Canadian market.Assume that all bicycles are identical.
FIGURE 34- 4
-Refer to Figure 34- 4.Assume there is free trade in bicycles.If the world price of bicycles is $200,domestic consumption is and domestic production is .
A) 50 000; 30 000
B) 30 000; 50 000
C) 60 000; 20 000
D) 20 000; 60 000
E) 40 000; 40 000
Correct Answer:
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