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Demand is given by QD = 6000 - 50P.Domestic supply is QS = 25P.Foreign producers can supply any quantity at a price of $40.
a.If foreign producers can sell in the domestic market,what is the equilibrium price? What is the equilibrium quantity? How much is sold by domestic and foreign producers,respectively?
b.Under domestic government pressure,foreign producers voluntarily agree to restrict their goods.What will happen to the price and quantity? What will happen to the amount that domestic producers supply? What will happen to revenues of domestic and foreign producers?
Price Field
A column in a database or software application where the price of an item or service is recorded.
Lookup Field
A field in a database that allows the user to select a value from another table, linking the two tables together.
Table Design View
An interface within database applications that allows users to define or modify the structure of a database table.
Field Properties Pane
A user interface element in database and spreadsheet software that allows users to view and modify the properties of a selected field.
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