This Graph Demonstrates the Domestic Demand and Supply for a Good,as

question 49

Multiple Choice

This graph demonstrates the domestic demand and supply for a good,as well as the world price for that good. According to the graph shown,if this economy were open to free trade,how many units would be exported?

• A) 35
• B) 85
• C) 120
• D) 75

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Definitions:

Production Function

A mathematical equation describing the maximum output of a system given certain inputs and resources.

J/L Ratio

Typically refers to the job-to-labor ratio, indicating the number of available job positions per labor unit in the market.

Cartoonists' Labor

The creative and artistic work performed by cartoonists, including drawing and storyboarding.

Production Function

A mathematical representation that details how inputs like labor and capital are transformed into outputs, the goods or services produced by a firm.