Solved

Table 193
\quad \quad Domestic Supply and Demand \text {Domestic Supply and Demand}

Question 78

Multiple Choice

Table 19.3

\quad \quad Domestic Supply and Demand \text {Domestic Supply and Demand}
\quad \quad  for Tulips in the Netherlands \text { for Tulips in the Netherlands}
\quad \quad Demand \text {Demand} \quad \quad \quad Supply \text {Supply}
QP($) QP($) 12,00006,000010,00017,00018,00028,00026,00039,00034,000410,0004\begin{array}{|c|c|c|c|}\hline Q & P(\$) & Q & P(\$) \\\hline 12,000 & 0 & 6,000 & 0 \\\hline 10,000 & 1 & 7,000 & 1 \\\hline 8,000 & 2 & 8,000 & 2 \\\hline 6,000 & 3 & 9,000 & 3 \\\hline 4,000 & 4 & 10,000 & 4 \\\hline\end{array}
-Refer to Table 19.3,which shows the demand,supply,and price of tulips in the Netherlands.If the world price of tulips is $4 and there are no trade restrictions,the Netherlands will _____


A) produce 10,000, consume 4,000, and import 6,000 tulips.
B) produce 10,000 and consume 10,000 tulips.
C) produce 8,000 and consume 8,000 tulips.
D) import all the tulips it consumes.
E) consume only some of the tulips it produces.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents