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question 7

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Use the following to answer question Use the following to answer question   -(Figure: The Domestic Market for Rice) Use Figure: The Domestic Market for Rice.Assume that P<sub>A</sub> is the autarky price and P<sub>W</sub> is the world price.After international trade,this nation will _____ a quantity of rice equal to _____. A) import;Q<sub>s</sub> - Q<sub>d</sub> B) export;Q<sub>s</sub> - Q<sub>d</sub> C) export;Q<sub>s</sub> - Q<sub>a</sub> D) import;Q<sub>a</sub> - Q<sub>d</sub>
-(Figure: The Domestic Market for Rice) Use Figure: The Domestic Market for Rice.Assume that PA is the autarky price and PW is the world price.After international trade,this nation will _____ a quantity of rice equal to _____.


Definitions:

Price Discrimination

A practice whereby a seller charges different consumers different prices for the same product or service.

Patents

Legal rights granted to inventors, giving them exclusive rights to make, use, or sell their inventions for a certain period.

Diseconomies of Scale

A situation in which a firm's production costs increase as it produces more, leading to less efficiency.

Essential Resource

A resource deemed vital for the survival of an organism, community, or operation, whose absence can lead to severe negative impacts.

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