Refer to the figure below to answer the following questions.
Figure 7.2.1
The figure shows the market for shirts in Canada, where D is the domestic demand curve and S is the domestic supply curve. The world price is $20 per shirt.
-In Figure 7.2.1, with international trade, Canadians buy ________ million shirts per year.
Definitions:
Administrative Expenses
Overheads and costs relating to the general operation of a business, including salaries of non-sales personnel, rent, and utilities.
Profit Margin
A financial metric used to evaluate a company's profitability by comparing net income to revenue.
Merchandising Company
A business that purchases goods at wholesale and sells them at retail prices, typically consisting of activities involving buying and selling without significant alteration of the goods.
Periodic Inventory System
An inventory management method where the inventory count is conducted at specific intervals to determine the cost of goods sold.
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