England Can Benefit from Trade

question 58

Multiple Choice

England can benefit from trade

• A)only with nations that can produce goods England cannot produce.
• B)only with less developed nations.
• C)only with nations outside of Europe.
• D)with any nation.

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Definitions:

Price

The cost at which a product or service is offered for sale in the marketplace.

Market Demand Curve

A graphical representation of the quantity of goods being purchased at different prices within a market.

Individual Demand Curves

Graphs showing the relationship between the price of a good and the quantity of that good a single consumer is willing to buy at various prices.

Horizontal Sum

In economics, the process of aggregating demand curves of different individuals to derive the market demand curve.