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The Accompanying Table Gives Domestic Supply and Demand Schedules for a Product

Question 154

Multiple Choice

The accompanying table gives domestic supply and demand schedules for a product. Suppose that the world price of the product is $1. The accompanying table gives domestic supply and demand schedules for a product. Suppose that the world price of the product is $1. If this nation were entirely closed to international trade, equilibrium price and quantity would be A) $5 and 2 units. B) $1 and 1 unit. C) $4 and 4 units. D) $3 and 7 units. If this nation were entirely closed to international trade, equilibrium price and quantity would be


A) $5 and 2 units.
B) $1 and 1 unit.
C) $4 and 4 units.
D) $3 and 7 units.

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