Consider a small country that exports steel. Suppose the following graph depicts the domestic demand and supply for steel in this country. One of the two price lines represents the world price of steel. Use the following graph to help you answer the questions below. You will not be graded on any changes made to this graph. Supply 100 Demand 90 Triangle 80 70 P2 60 Polygon 50 P, 40 30 20 10 100 200 300 400 500 600 700 800 00 1000 Quantity of Steel (Tons) Because this country exports steel, the world price is represented by P, v Suppose that a "pro-trade" government decides to subsidize the export of steel by paying $10 for each ton sold abroad. With this export subsidy, the price paid by domestic consumers is $ per ton, and the price received by domestic producers is per ton. The quantity of steel consumed by domestic consumers remains unchanged v , the quantity of steel produced by domestic producers increases , and the quantity of steel exported increases True or False: With the export subsidy, domestic producers will sell steel to domestic consumers and sell the rest abroad. O True O False Under the export subsidy, consumer surplus is $ and producer surplus is S Government revenue decreases v by . As a result, total surplus decreases Price of Steel (Dollars per ton)

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