This graph demonstrates the domestic demand and supply for a good,as well as the world price for that good.
According to the graph shown,if this economy were to open to trade,domestic prices would:

Question

This graph demonstrates the domestic demand and supply for a good,as well as the world price for that good. 
According to the graph shown,if this economy were to open to trade,domestic prices would:

Quizplus · Accepted Answer

If this economy were to open to trade, the domestic price would drop to the world price of $10 for all units. This is because producers in this economy would not be able to sell their goods for $14 when the world price is only $10. Consumers in this economy would benefit from lower prices due to increased competition from imports, and producers would have to either lower their prices or exit the market.

This Graph Demonstrates the Domestic Demand and Supply for a Good,as