The following graph depicts the market for shoes in a particular country.Use the graph to answer the following questions:

-If this country engages in trade with other countries,then the quantity of shoes produced domestically will be ________ and the quantity of shoes imported will be ________.

Question

The following graph depicts the market for shoes in a particular country.Use the graph to answer the following questions:
 
-If this country engages in trade with other countries,then the quantity of shoes produced domestically will be ________ and the quantity of shoes imported will be ________.

Quizplus · Accepted Answer

The correct answer is based on understanding the effects of international trade on domestic production and imports. When a country engages in trade, it will produce goods up to the point where its domestic cost equals the world price (if it's more efficient in production) or cease production if it's less efficient, and import the rest. The specific numbers (50; 70) would depend on the context provided by a graph or data not included in the question, but the principle is that domestic production adjusts to international trade dynamics, and imports fill the gap between domestic production and total domestic demand.

The Following Graph Depicts the Market for Shoes in a Particular