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The First Panel in the Following Figure Shows the Domestic

Question 56

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The first panel in the following figure shows the domestic demand (D) and supply (S) curves of Columbian coffee and the second panel shows the import demand and export supply of Columbian coffee in the international market.Figure 20.1
The first panel in the following figure shows the domestic demand (D)  and supply (S)  curves of Columbian coffee and the second panel shows the import demand and export supply of Columbian coffee in the international market.Figure 20.1    -If the world price of steel is greater than the U.S.  no-trade  domestic equilibrium price of steel, the United States: A) will not produce steel. B) will demand steel from the rest of the world. C) will supply steel to the rest of the world. D) will not trade in steel. E) will have a shortage of steel in the domestic market.
-If the world price of steel is greater than the U.S. "no-trade" domestic equilibrium price of steel, the United States:


A) will not produce steel.
B) will demand steel from the rest of the world.
C) will supply steel to the rest of the world.
D) will not trade in steel.
E) will have a shortage of steel in the domestic market.

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