International trade allowed in the market

Reference no: EM131790019

Question: Consider the market for widgets. Widgets can be produced in the United States or abroad. Assume that U.S. consumers wish to buy the least expensive widgets possible. However, if widgets from all countries cost the same, consumers would prefer to buy domestically.

Price	Quantity Demanded	Quantity SuppliedDomestically	Quantity Supplied by Importers if Trade Is Allowed
$6	13,000	2,000	8,000
$7	12,000	4,000	8,000
$8	11,000	6,000	8,000
$9	10,000	8,000	8,000
$10	9,000	9,000	8,000
$11	8,000	10,000	8,000

If there is no international trade allowed in the market, what price would we expect?
$6

$10

$11

Reference no: EM131790019

Questions Cloud

What is meant by critical supply chain : What is meant by “Critical Supply Chain(s) (CSC): Supplier certification should decrease/increase Quality:

Compute the present value of the bonds payable : Compute the present value of the bonds payable, using the present value tables in Exhibit 4 and Exhibit 5. Round to the nearest dollar.

Prepare a common-size income statement and balance sheet : ACCT 212 - Prepare a common-size income statement and balance sheet for O'Hare Products. The first column of each statement should present O'Hare Products

Numbers of executions in the us for selected years : Find the year when the number of executions was maximum, according to the model.

International trade allowed in the market : Consider the market for widgets. Widgets can be produced in the United States or abroad. Assume that U.S. consumers wish to buy the least expensive widgets.

Calculate taxable income for ast records : Calculate taxable income for AST Records. You should assume that taxable income will be the same regardless of the form of the entity

Journalize the transactions : Jan. 2 Invested $10,200 cash in the business in exchange for common stock. Instructions - Journalize the transactions

What is the architect flow rate : An architect has five projects to complete. What is the architect’s flow rate?

What is the budgeted units of production for february : The Cardinal Company had a finished goods inventory of 55,000 units on January 1. What is the budgeted units of production for February?

User Account

All Pages