-Suppose Albania is exporting product B, and experienced economic growth biased in favor of product B as seen in the figure above. We are also told that Albania's new consumption point is at point d. Would you still consider the economic growth, which took place biased in favor of B?
If Albania were a large country how would this growth affect its terms of trade?
Definitions:
Quantity Supplied
The amount of a good or service that producers are willing and able to sell at a given price over a specific time period.
Quantity Demanded
The specific amount of a good or service that consumers are willing to buy at a given price.
Quota Rent
A financial benefit obtained by importers who receive a license under a quota system which limits the quantity of goods that can be imported.
Supply Price
The minimum price at which a seller is willing to sell a good or service, often determined by the cost of production and market conditions.
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