Refer to the Information Provided in Table 20 -Refer to Table 20

question 49

Multiple Choice

Refer to the information provided in Table 20.3 below to answer the question(s) that follow.
Table 20.3 $$\begin{array} { l c c } & \text { United States } & \text { Belgium } \\\hline \text { Raspberries } & \$ 9 & 9 \text { euros } \\\text { Chocolate } & \$ 12 & 27 \text { euros }\\\hline\end{array}$$
-Refer to Table 20.3. Trade will flow in both directions between countries only if the price of the euro is between

• A) $.40 and $.50.
• B) $1.00 and $2.25.
• C) $.60 and $.75.
• D) $.44 and $1.00.

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Definitions:

Price Ranges

The spread between the lowest and highest price at which a good or service is sold in a market.

Price Elasticity

A calculation that shows the impact of price changes on the quantity of a good that is demanded.

Price Increase

A rise in the cost of goods or services, affecting the purchasing power of consumers.

Widgets

A generic term often used to refer to any hypothetical manufactured good or product.