The First Panel in the Following Figure Shows the Domestic

question 24

Multiple Choice

The first panel in the following figure shows the domestic demand (D) and supply (S) curves of Columbian coffee and the second panel shows the import demand and export supply of Columbian coffee in the international market. Figure 34.1 Refer to Figure 34.1.If the price of coffee in the international market is $14:

• A)there will be an excess demand of 10 pounds in Columbia's domestic market.
• B)Columbia's domestic market for coffee will be in equilibrium.
• C)there will be an excess demand for Columbian coffee in the international market.
• D)the international market for coffee will be in equilibrium.
• E)Columbia will export 4 pounds of coffee.

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Definitions:

Reaction Formation

A psychological defense mechanism in which a person unconsciously replaces unacceptable thoughts or feelings with their opposites.

Phallic Stage

A phase in Freud's psychosexual development theory, occurring from about ages 3 to 6, where the libido's focus is on the genital area.

Psychosexual Development

A Freudian theory that proposes that child development occurs in a series of stages which are characterized by sexual pleasures focusing on different parts of the body.

Flirtatious

Exhibiting behavior aimed at attracting or engaging someone romantically or sexually through acts or remarks that suggest interest without explicit intention.