2'00Price (S)LL I%24Price (S)Question 57 of 60 >(Figure: Market for Watches in Countries A and B) Referring to the graphs, we see that, as a result of free trade, consumersof watches in country Aand consumers of watches in countryCountry ACountry B002 互DOLD.WatchesWatcheswill be the winners; will be the losersO The consumers in both countries will end up winning.will be the losers; will be the winnersThe consumers in both countries will end up losing.10:14 PM75°FA ENG12/12/2021O J O :puadn 6dSuIprt scdeletef8 4+11461f591unulockf4backspace&%244.66.7.5.homedn 6denterpause↑ shiftpuectriSUalt

The equilibrium price of watches in country A is $100, i.e., the price corresponding to intersection point of demand and supply. The world price of watches is $150, at this price, the domestic demand of watches is 30 and domestic supply of watches is 50. Since the world price of watches is greater than equilibrium price, the consumer in market A will be the losers. The equilibrium price of watches in country B is $200, i.e., the price corresponding to intersection point of demand and supply. The world price of watches is $150, at this price, the domestic demand of watches is 50 and domestic supply of watches is 30. Since the world price of watches is lower than equilibrium price, the consumer in market B will be winners. Answer; Option (C), i.e., will be losers: will be winners.

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(Figure: Market for Watches in Countries A and B) Referring to the graphs, we see that, as a result of free trade, consumers of watches in country A and consumers of watches in country B Country A Country B S O 200 150 100 Price (S)

(Figure: Market for Watches in Countries A and B) Referring to the graphs, we see that, as a result of free trade, consumers of watches in country A and consumers of watches in country B Country A Country B S O 200 150 100 Price (S)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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