Figure 9-7. The figure applies to the nation of Wales and the good is cheese.
-Refer to Figure 9-7. The equilibrium price and the equilibrium quantity of cheese in Wales before trade are

Question

Figure 9-7. The figure applies to the nation of Wales and the good is cheese. 
-Refer to Figure 9-7. The equilibrium price and the equilibrium quantity of cheese in Wales before trade are

Quizplus · Accepted Answer

The equilibrium price and quantity are determined by the intersection of the supply and demand curves. Before trade, the equilibrium price is P0 and the equilibrium quantity is Q0.