Table 31.1.2

-Refer to Table 31.1.2. The table shows a country's demand and supply schedules. Suppose the world price is $4 a unit. The country

Question

Table 31.1.2
 
-Refer to Table 31.1.2. The table shows a country's demand and supply schedules. Suppose the world price is $4 a unit. The country

Quizplus · Accepted Answer

At a world price of $4, the quantity demanded in the country is 120 units, while the quantity supplied is only 100 units. This means that the country is experiencing a shortage of 20 units, which they will have to import from other countries in order to satisfy demand.

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