-According to the above table,the country will import the good if the world price is less than ________ and will export the good if the world price is more than ________.
Definitions:
Economic Profits
The excess of total revenues over total costs, including both explicit and implicit costs.
Perfect Competition
An ideal market structure characterized by infinite buyers and sellers, identical products, and no barriers to entry or exit.
Perfect Competition
A market structure characterized by many sellers and buyers, homogenous products, and no barriers to market entry or exit, leading to optimal pricing and efficiency.
Industry-wide Price
Industry-wide price refers to the general price level or average price for goods and services across a specific industry, reflecting the collective pricing trends and benchmarks.
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