Refer to the table above for a certain product's market in Econland. If the world price for this product were $6, then Econland would import:

Question

Quizplus · Accepted Answer

At a world price of $6, which is lower than the domestic price of $8, domestic consumers would want to import this product. The quantity demanded at this price (Qd) would be 2,200 units while the quantity supplied (Qs) by domestic producers would be 1,400 units. Therefore, the difference between Qd and Qs (2,200 - 1,400 = 800) would have to be imported from other countries, resulting in an import quantity of 800 units.

Refer to the Table Above for a Certain Product's Market