a. Under autarky, the domestic price of rice is _____ million kg. The quantity sold domestically is _____ million kg. b. If Thailand opens up to trade, the new price of rice domestically will be $____ per kg. With trade, _____ million kg of rice will be supplied by Thai producers. ______ million kg rice will be demanded by Thai consumers. c. There will be an _______ (increase, decrease) of rice because the world price is _______. d. With trade, ______ million kg of rice will be bought/sold domestically in Thailand. ______ million kg of rice will be _______ (imported,exported).
Please answer all parts a-d on the question based on the attached picture.
a. Under autarky, the domestic
The quantity sold domestically is _____ million kg.
b.
If Thailand opens up to trade, the new price of rice domestically will be $____ per kg.
With trade, _____ million kg of rice will be supplied by Thai producers.
______ million kg rice will be demanded by Thai consumers.
c. There will be an _______ (increase, decrease) of rice because the world price is _______.
d.
With trade, ______ million kg of rice will be bought/sold domestically in Thailand.
______ million kg of rice will be _______ (imported,exported).
Quantity demanded is the total quantity that the consumer is ready to purchase at different prices.
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