The figure below shows the demand (D) and supply (S) curves of cocoa in the U.S. Figure 21.4 
- Refer to Figure 21.4.Assume that Ghana is the only cocoa exporter supplying cocoa in the world market at $6 per pound.If the U.S.enters into a free trade agreement (FTA) with Ghana,what would be its total cocoa imports?
Definitions:
Perpetual Inventory System
A method of keeping track of inventory in real-time, where inventory levels are updated after every sale or purchase transaction.
FOB Shipping Point
A term used in shipping agreements indicating that the buyer is responsible for the cost of shipping and risk of loss from the shipping point.
Credit Terms
Conditions under which credit is extended by a seller to a buyer, detailing the repayment period, any discounts for early payment, and penalties for late payment.
Discount Period
The timeframe during which a payment may be made at a reduced rate, often used in terms of sales or note receivables.
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