Exhibit 33-2

-Refer to Exhibit 33-2. The U.S. demand and supply for a good are shown. Under a policy of free trade, where imports are permitted, the world price is P_W. If there is a policy change such that imports are prohibited, the price becomes P_N, consumers' surplus equals __________ and producers' surplus equals __________.

Question

Exhibit 33-2

-Refer to Exhibit 33-2. The U.S. demand and supply for a good are shown. Under a policy of free trade, where imports are permitted, the world price is P_W. If there is a policy change such that imports are prohibited, the price becomes P_N, consumers' surplus equals __________ and producers' surplus equals __________.

Quizplus · Accepted Answer

The Answer of Exhibit 33-2 -Refer to Exhibit 33-2. The U.S. demand and supply for a good are shown. Under a policy of free trade, where imports are permitted, the world price is P_W. If there is a policy change such that imports are prohibited, the price becomes P_N, consumers' surplus equals __________ and producers' surplus equals __________.

Exhibit 33-2 ​

Exhibit 33-2