Consider a Market That Is Initially in Equilibrium with Quantity

question 20

Multiple Choice

Consider a market that is initially in equilibrium with quantity demanded equal to quantity supplied at a price of $20. If the world price of the good is $10 and the country opens up to international trade then in this market then

• A) imports will increase, price will fall, and quantity supplied will fall
• B) exports will increase, price will be unchanged, and quantity supplied will increase
• C) imports will increase, price will decrease, and the supply curve will shift to the left
• D) quantity demanded will decrease, quantity supplied will decrease, and price will decrease

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Definitions:

Mental Concentration

The cognitive process of focusing one's attention on a specific task or subject for a period of time.

Nature Of Listening

The inherent qualities or characteristics of how individuals pay attention and interpret auditory information.

Filtering

The process of sorting through and eliminating unwanted information or data based on specific criteria.

Monochronic People

Individuals who prefer to do tasks one at a time and value punctuality, sticking to planned schedules.