Figure 9-7.The figure applies to the nation of Wales and the good is cheese.
-Refer to Figure 9-7.The equilibrium price and the equilibrium quantity of cheese in Wales before trade are

Question

Figure 9-7.The figure applies to the nation of Wales and the good is cheese. 
-Refer to Figure 9-7.The equilibrium price and the equilibrium quantity of cheese in Wales before trade are

Quizplus · Accepted Answer

The equilibrium price and quantity before trade are determined where the domestic supply and demand curves intersect, which is at P₀ and Q₀.