Table 31.1.2

-Refer to Table 31.1.2. The table shows a country's demand and supply schedules. At what world price would the country import?
A)at exactly $8 a unit
B)any price above $8 a unit
C)a price of $10 a unit
D)a price of $20 a unit
E)a price below $8 a unit

Question

Table 31.1.2
 
-Refer to Table 31.1.2. The table shows a country's demand and supply schedules. At what world price would the country import?
A)at exactly $8 a unit 
B)any price above $8 a unit 
C)a price of $10 a unit 
D)a price of $20 a unit 
E)a price below $8 a unit

Quizplus · Accepted Answer

The country would import at a price below $8 a unit because at this price, the domestic supply is less than the domestic demand, creating a need for imports to satisfy the excess demand.

Table 31.1.2 -Refer to Table 31.1.2. the Table Shows a Country's Demand