In the following figure, the first panel shows a market situation prior to regulation and the second panel shows the effects of regulation.Figure 14.2
In the figure,
D: Demand curve for automobiles
S 1 : Supply curve of automobiles prior to regulation
S 2 : Supply curve of automobiles after regulation
FG: Clean up cost per unit
-The International Communication Network which is the successor of GATT settles trade disputes among its member countries.

Question

In the following figure, the first panel shows a market situation prior to regulation and the second panel shows the effects of regulation.Figure 14.2
  In the figure,
D: Demand curve for automobiles
S 1 : Supply curve of automobiles prior to regulation
S 2 : Supply curve of automobiles after regulation
FG: Clean up cost per unit
-The International Communication Network which is the successor of GATT settles trade disputes among its member countries.

Quizplus · Accepted Answer

The World Trade Organization (WTO) is the successor of GATT (General Agreement on Tariffs and Trade) and is responsible for settling trade disputes among its member countries.

In the Following Figure, the First Panel Shows a Market