The world price of a pound of T-bone steak is $9.00.Before Guatemala allowed trade in beef,the price of a pound of T-bone steak there was $12.00.Once Guatemala began allowing trade in beef with other countries,Guatemala began

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When Guatemala allows trade in beef with other countries, it opens up the market and allows for competition. As a result, the price of T-bone steak in Guatemala will ultimately be determined by the global market price, which is $9.00 per pound. If Guatemala imports T-bone steaks, it will have to pay the world price of $9.00 per pound. This will cause the price per pound in Guatemala to decrease to $9.00. Therefore, the correct choice is D.

The World Price of a Pound of T-Bone Steak Is