Examlex
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.
Optimal Choice
The most efficient allocation of resources or decision making that maximizes benefit or utility for an individual or entity.
Twizzlers
A brand of fruit-flavored candy in the form of twisted ropes, known for its chewy texture.
Normal Good
A good whose demand increases when consumer income rises and decreases when consumer income falls, ceteris paribus.
Consumer
A person or collective that buys products or services for their own consumption and not for making or selling them.
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