-The above figure shows the Australian market for thongs. When there is no international trade, the Australian price is ________ per thong and the Australian quantity is ________ thongs.

Question

Quizplus · Accepted Answer

The correct answer is determined by the intersection of the supply and demand curves in the domestic market without international trade. This intersection point gives the equilibrium price and quantity. In this case, the equilibrium is at a price of $14 per thong and a quantity of 500,000 thongs, which matches option B.

-The Above Figure Shows the Australian Market for Thongs