The Accompanying Table Gives Domestic Supply and Demand Schedules for a Product

question 283

Multiple Choice

The accompanying table gives domestic supply and demand schedules for a product. Suppose that the world price of the product is $1.
$$\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Quantity } \\\text { Supplied } \\\text { (Domestic) }\end{array} & \text { Price } & \begin{array} { c } \text { Quantity } \\\text { Demanded } \\\text { (Domestic) }\end{array} \\\hline 12 & \$ 5 & 2 \\\hline 10 & 4 & 4 \\\hline 7 & 3 & 7 \\\hline 4 & 2 & 11 \\\hline 1 & 1 & 16 \\\hline\end{array}$$ If the economy was opened to free trade and the world price of $1 prevailed, the price and quantity
Sold of this product would be

• A) $1 and 1 unit.
• B) $1 and 16 units.
• C) $3 and 7 units.
• D) $2 and 11 units.

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