The following table 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:
Table 19.2
A) produce 10,000, consume 4,000, and import 6,000 tulips.
B) produce 10,000, consume 4,000, and export 6,000 tulips.
C) produce 4,000, consume 10,000, and import 6,000 tulips.
D) produce 9,000, consume 6,000, and export 6,000 tulips.
E) import all of the tulips that it consumes.
Correct Answer:
Verified
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