The diagram below shows the (hypothetical) demand and supply curves for regional jets in Canada.Assume that the market is competitive,all jets are identical,and that Canada engages in international trade. 
FIGURE 32-6
-Refer to Figure 32-6.Assume the world price of a regional jet is $20 million.Further,suppose that Canada disallowed international trade in regional jets and Canadian consumers purchase the domestic equilibrium quantity of jets from domestic suppliers.What is the total additional expenditure Canadian consumers will pay in this no-trade situation versus the amount they would pay for the same quantity at the world price?
Definitions:
Market Analysis
The examination of the size, trends, and competition in a particular market, intended to inform business decisions and strategy development.
Competitive Price-Searcher
A firm that must actively seek out the best price for its goods or services due to the presence of many competitors and informed buyers.
Maximizing Profit
The process or strategy of increasing the difference between total revenue and total costs to achieve the highest possible financial gain.
Competitive Price-Searcher
A market condition where firms actively seek out prices that will maximize their profits in environments with some level of competition.
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