Use the Following to Answer Question

question 212

Multiple Choice

Use the following to answer question:
-(Figure: The Market for Tea in Sri Lanka) Use 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 P_W.Sri Lanka will _____ tea and the volume of trade will equal _____.

• A)import;Q_T - C_T
• B)export;Q_T - C_T
• C)import;Q_T - Q₁
• D)export;Q₁ - C_T

---

Definitions:

Number Of Suppliers

This refers to the total count of individual suppliers that a business sources its materials, goods, or services from.

Landed Costs

The total price of a product once it has arrived at a buyer's doorstep, including the purchase price, transportation fees, customs, duties, and other taxes.

Sales/FOB Terms

Terms used in international trade to define when and where the responsibility and ownership of goods are transferred from the seller to the buyer; "FOB" stands for Free On Board.

Commodities

Basic goods used in commerce that are interchangeable with other goods of the same type, typically used as inputs in the production of other goods or services.