Use the Following to Answer Questions

question 29

Multiple Choice

Use the following to answer questions:
Figure: World Imports
-(Figure: World Imports) Refer to the figure. The solution for a country without trade restrictions is where the equilibrium price and quantity are ________, respectively.

• A) $20 and 4
• B) $40 and 11
• C) $20 and 11
• D) $20 and 20

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Definitions:

Weakens

Refers to the decrease or reduction in strength, effectiveness, or value.

C$

C$ refers to the Canadian Dollar, the currency of Canada, symbolized as CAD in the foreign exchange market.

US$

The abbreviation for the United States Dollar, the official currency of the United States of America.

Exchange Rates

The price at which one currency can be exchanged for another.