Suppose a Small Island Nation Imports Sugar for Its Population

question 75

Multiple Choice

Suppose a small island nation imports sugar for its population at the world price of $1,500 per ton. The domestic market for sugar is shown below. With no subsidy, the equilibrium price of sugar is ________ per ton, and the equilibrium quantity is ________ tons per day.

• A)$1,000; 12
• B)$1,000; 8
• C)$1,500; 12
• D)$1,500; 8

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