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, domestic prices would increase to match the world price of $23 for all units. This is because domestic firms would need to compete with foreign firms selling the same good at $23, and therefore would not be able to charge a lower price.

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