The Following Data Is for the Hypothetical Nations of Alpha

question 167

Multiple Choice

The following data is for the hypothetical nations of Alpha and Beta.Q_s is domestic quantity supplied and Q_d is domestic quantity demanded. Refer to the above data.The equilibrium world price must be lower than $4 because at $4:

• A)both nations want to import steel.
• B)both nations want to export steel.
• C)Beta wants to export more than Alpha.
• D)Alpha wants to import more than Beta.

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Definitions:

Admission

The act of conceding to a point in an argument or acknowledging the truth of a claim, or the allowance into a place, organization, or institution.

Parol Evidence Rule

A legal principle that prevents parties from presenting extrinsic evidence to modify, vary, or contradict the terms of a written contract.

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made to another party, if the latter has relied on that promise to their detriment.

Parol Evidence Rule

A legal rule that excludes the admission of oral statements, written agreements outside the contract, or preliminary agreements in interpreting a written contract.