The First Panel in the Following Figure Shows the Domestic

question 14

Multiple Choice

The first panel in the following figure shows the domestic demand (D) and supply (S) curves of Columbian coffee and the second panel shows the import demand and export supply of Columbian coffee in the international market.Figure 20.1

-If the world price is below the domestic "no-trade" equilibrium price, then with international trade:

• A)the domestic shortage can be eliminated by rationing.
• B)the domestic surplus can be consumed at home.
• C)the domestic surplus can be exported to the rest of the world.
• D)the domestic quantity demanded is equal to that supplied by the world.
• E)the domestic shortage can be met by foreign imports.

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