Figure 8.1 depicts the supply and demand schedules of calculators for Greece,a "small" country that is unable to affect the world price.Greece's supply and demand schedules of calculators are respectively depicted by SG and DG.Assume that Greece imports calculators from either Germany or France.Suppose Germany is the world's low-cost producer who can supply calculators to Greece at $20 per unit,while France can supply calculators at $30 per unit.
Figure 8.1.Effects of a Customs Union
-Consider Figure 8.1.With free trade,Greece imports:
Definitions:
Cold Calling
The practice of contacting potential customers who have not previously expressed interest in a product or service, often through phone calls.
Law of Averages
The principle stating that over a large number of trials, outcomes will roughly equal the probability of an event occurring.
Web Site
A collection of related web pages under a single domain name, designed to provide information, services, or products over the internet.
Potential Customers
Individuals or entities that are likely to be interested in a company's product or service but have not yet made a purchase.
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