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Refer to the figure below to answer the following questions. Figure 7.1.1
The figure shows the market for shirts in Canada,where D is the domestic demand curve and S is the domestic supply curve.The world price is $20 per shirt.
-In Figure 7.1.1,with international trade,Canadians buy ________ million shirts per year.
Substitute Items
Products or services that can replace each other in usage or consumption, offering consumers alternatives based on preference, price, or availability.
Value Pricing
A pricing strategy in which the price set for a product or service is based on the benefits it provides to consumers, compared to the price of similar offerings.
Perceived Benefits
The advantages that consumers believe they will gain from a product or service, which influence their purchasing decisions.
Value Pricing
A pricing strategy where a product is priced based on the perceived or estimated value it provides to customers, rather than solely on the cost to produce it.
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