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

Question 144

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 the economy was opened to free trade and the world price of $1 prevailed, the price and quantity sold of this product would be A) $1 and 1 unit. B) $1 and 16 units. C) $3 and 7 units. D) $2 and 11 units. If the economy was opened to free trade and the world price of $1 prevailed, the price and quantity sold of this product would be


A) $1 and 1 unit.
B) $1 and 16 units.
C) $3 and 7 units.
D) $2 and 11 units.

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