Table 7.2.2 -The Table Shows a Country's Demand and Supply Schedules.Based on and Supply

question 48

Multiple Choice

Table 7.2.2

-The table shows a country's demand and supply schedules.Based on Table 7.2.2,at what world price would the country export?

• A)at only $8 a unit
• B)any price below $8
• C)a price of $6 a unit
• D)a price of $4 a unit
• E)any price above $8 a unit

---

Definitions:

Utility Function

A mathematical representation in economics that describes how the satisfaction or utility a consumer derives varies with consumption of goods or services.

Compensating Variation

An economic concept referring to the amount of additional income required to keep an individual at the same level of utility after a price change.

Price of Earrings

The cost at which earrings are sold, which may vary based on materials, design, and brand.

Income

The amount of money or assets received over a period of time, typically through work, investments, or business operations.