-Refer to the Above Diagram Showing the Domestic Demand and Supply

question 176

Multiple Choice

-Refer to the above diagram showing the domestic demand and supply curves for a specific standardized product in a particular nation.If the world price for this product is $1.60,this nation will experience a domestic:

• A) shortage of 160 units,which it will meet with 160 units of imports.
• B) shortage of 160 units,which will increase the domestic price to $1.60.
• C) surplus of 160 units,which it will export.
• D) surplus of 160 units,which will reduce the world price to $1.00.

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