In the Market for Apples in a Certain Country,consumer Surplus

question 69

Multiple Choice

In the market for apples in a certain country,consumer surplus increases and total surplus increases when that country

• A)abandons a no-trade policy,adopts a free-trade policy,and becomes an importer of apples.
• B)abandons a no-trade policy,adopts a free-trade policy,and becomes an exporter of apples.
• C)abandons a free-trade policy,adopts a no-trade policy,and becomes an importer of apples.
• D)abandons a free-trade policy,adopts a no-trade policy,and becomes an exporter of apples.

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Definitions:

Personal Judgments

Opinions or decisions formed by individuals based on personal feelings, tastes, or opinions, often without external input or influence.

Certainty

The state of being confident and free from doubt about something, often implying a high degree of belief in the accuracy or truth of an outcome or fact.

Fully Informed

Being fully informed means having all the necessary and relevant information or knowledge about a particular subject or situation before making decisions.

Objective Probability

A measure of the likelihood of an event occurring, based on factual data and statistical analysis rather than personal judgment.