Exhibit 33-3

-Refer to Exhibit 33-3. The world price is P_W. At this price, Americans purchase Q₁ from U.S. producers and import the quantity __________ from foreign producers.

Question

Exhibit 33-3 -Refer to Exhibit 33-3. The world price is P_W. At this price, Americans purchase Q₁ from U.S. producers and import the quantity __________ from foreign producers.

Quizplus · Accepted Answer

The correct answer is based on understanding how imports are calculated in the context of supply and demand. The quantity imported is the difference between the total quantity demanded by consumers at the world price and the quantity supplied by domestic producers at that same price.

Exhibit 33-3 ​

Exhibit 33-3