Refer to the Graph Shown for a Small Country That

question 55

Multiple Choice

Refer to the graph shown for a small country that is a price taker internationally. Assume the foreign supply of this product is perfectly elastic at a price of $4 per unit.If there are no trade restrictions, this country will produce:

• A)2,400 units domestically and import 5,000 units.
• B)7,400 units domestically and export 5,000 units.
• C)4,800 units domestically and consume 4,800 units.
• D)4,800 units domestically and import 2,600 units.

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