Consider the Market for IPads

question 230

Multiple Choice

Consider the market for iPads.What happens if a fantastic new alternative tablet is developed by Samsung and,at the same time,a boat carrying a large shipment of iPads is attacked by pirates and sunk?

• A)Price decreases and quantity increases.
• B)Price increases and quantity increases.
• C)The change in price is indeterminate and quantity decreases.
• D)Price increases and the change in quantity is indeterminate.

Comprehend the principle of comparative advantage and its application to international trade.

Recognize the factors influencing trade deficits and surpluses, including the role of services and goods.

Identify the opportunity costs associated with trade and how they differ between countries.

Discuss the political and economic arguments surrounding free trade and fair trade.

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