If there is free trade in a small economy, the nation will be able to import unlimited quantities of the product at:

Question

Quizplus · Accepted Answer

In a free trade situation, the nation will be able to import goods at the world price, which is the price determined by the global market. This is because there are no barriers such as tariffs or quotas that would artificially raise the price of imported goods. Therefore, the nation can take advantage of lower world prices to import goods and benefit from increased competition in their domestic market.

If There Is Free Trade in a Small Economy, the Nation