Refer to the Above Diagram Showing the Domestic Demand and Supply

question 72

Multiple Choice

Refer to the above diagram showing the domestic demand and supply curves for a specific standardized product in a particular nation.If the world price for this product is $1.60, this nation will experience a domestic:

• A)shortage of 160 units, which it will meet with 160 units of imports.
• B)shortage of 160 units, which will increase the domestic price to $1.60.
• C)surplus of 160 units, which it will export.
• D)surplus of 160 units, which will reduce the world price to $1.00.

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