At a world price of $60, will the domestic quantity supplied be greater than, less than, or equal to the domestic quantity demanded? I have no clue. McGrawHillMacro- International TradeEconomicsMentorDomestic Market: No TradeIf the world price is greater than $120, does this create ashortage or surplus of contact lenses in the domesticmarket?No International TradeJulio240200 -It creates a surplus - the domestic quantity suppliedwill be greater than the domestic quantity demanded.160 -120 -80-40Vivan40120160200240That is correct!o Quantity Supplied - Quantity DemandedDomestic MarketPriceQuantity SuppliedQuantity DemandedНаpрy240EconomicsMentor20202204040200If international trade is possible, what will happen to thesurplus of contact lenses?60601808080160Julio10010014012012012014014010016016080The domestic surplus will be exported and sold in the international market.18018060The surplus will require that our domestic market import contact lenses from the20020040international market.22022020240240

In economics, demand is the quantity of a good that consumers are willing and able to purchase at…

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At a world price of $60, will the domestic quantity supplied be greater than, less than, or equal to the domestic quantity demanded?

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

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Chapter1: Making Economics Decisions

Section: Chapter Questions

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Question

At a world price of $60, will the domestic quantity supplied be greater than, less than, or equal to the domestic quantity demanded?

I have no clue.

Mc
Graw
Hill
Macro- International Trade
Economics
Mentor
Domestic Market: No Trade
If the world price is greater than $120, does this create a
shortage or surplus of contact lenses in the domestic
market?
No International Trade
Julio
240
200 -
It creates a surplus - the domestic quantity supplied
will be greater than the domestic quantity demanded.
160 -
120 -
80-
40
Vivan
40
120
160
200
240
That is correct!
o Quantity Supplied - Quantity Demanded
Domestic Market
Price
Quantity Supplied
Quantity Demanded
Наpрy
240
Economics
Mentor
20
20
220
40
40
200
If international trade is possible, what will happen to the
surplus of contact lenses?
60
60
180
80
80
160
Julio
100
100
140
120
120
120
140
140
100
160
160
80
The domestic surplus will be exported and sold in the international market.
180
180
60
The surplus will require that our domestic market import contact lenses from the
200
200
40
international market.
220
220
20
240
240

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