Refer to the Information Provided in Figure 33

question 259

Multiple Choice

Refer to the information provided in Figure 33.3 below to answer the question(s) that follow. Figure 33.3
-Refer to Figure 33.3. The domestic price of shoes is $80. After trade the price of a pair of shoes is $60. After trade this country will import

• A) 100 pairs of shoes.
• B) 200 pairs of shoes.
• C) 300 pairs of shoes.
• D) 1,300 pairs of shoes.

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Definitions:

Total Revenue

The overall earnings from sales of goods or services prior to any expense deductions.

Demand Curve

A visual chart that illustrates the connection between a product's price and the amount consumers are willing to buy.

Prices

The amount of money expected, required, or given in payment for something, reflecting the value of goods or services in monetary terms.

Highest Price

The maximum value that has been paid for a good or service in a particular market or setting.