(Figure: Market for TVs 2) According to the figure, if there is international trade in this market, and the world price of televisions is $500:

Question

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In the given market, the domestic equilibrium price is $600 and the domestic equilibrium quantity is 40,000 units. If the world price of televisions is lower than the domestic price, i.e. $500, domestic consumers will find it cheaper to import televisions from abroad. As a result, the quantity demanded domestically will increase by 10,000 units and the domestic quantity supplied will decrease by 20,000 units, leading to a shortage of 30,000 units. Hence, domestic consumers will import 30,000 units.

(Figure: Market for TVs 2) According to the Figure, If