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Question 121

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Figure: The Market for Tea in Sri Lanka Use the following to answer questions : Figure: The Market for Tea in Sri Lanka -(Figure: The Market for Tea in Sri Lanka) Look at the figure The Market for Tea in Sri Lanka. In autarky, the price is P<sub>1</sub>. When the economy is opened to trade, the price rises to P<sub>W</sub>. Sri Lanka will _____ tea and the volume of trade will equal _____. A) import; Q<sub>T</sub> - C<sub>T</sub> B) export; Q<sub>T</sub> - C<sub>T</sub> C) import; Q<sub>T</sub> - Q<sub>1</sub> D) export; Q<sub>1</sub> - C<sub>T</sub>
-(Figure: The Market for Tea in Sri Lanka) Look at the figure The Market for Tea in Sri Lanka. In autarky, the price is P1. When the economy is opened to trade, the price rises to PW. Sri Lanka will _____ tea and the volume of trade will equal _____.


A) import; QT - CT
B) export; QT - CT
C) import; QT - Q1
D) export; Q1 - CT

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