The following figure shows the demand and supply for a commodity in the domestic U.S.market as well as the global market.The commodity is imported from the rest of the world to the U.S.market.
Figure 10-3
-In Figure 10-3,the net gain to the U.S.from trade is _____.

Question

The following figure shows the demand and supply for a commodity in the domestic U.S.market as well as the global market.The commodity is imported from the rest of the world to the U.S.market.
Figure 10-3

-In Figure 10-3,the net gain to the U.S.from trade is _____.

Quizplus · Accepted Answer

The net gain to the U.S. from trade is represented by the area ELK, which typically illustrates the increase in consumer and producer surplus due to trade.

The Following Figure Shows the Demand and Supply for a Commodity