If international trade is possible, what will happen to the surplus of contact lenses?PS- the graph shown is for contact lenses. Idk how to go about this problem? 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

When there is no trade taking place in the economy, the quantity supplied is equal to the quantity…

Mc Graw Hill Macro- International Trade EcoTomIcs Mentor Domestic Market: No Trade If the world price is greater than $120, does this create a shortage or surplus of contact lenses market? the domestic No International Trade Julio 240 200 It creates a surplus - the domestic quantity supplied will be greater than the domestic quantity demanded. 160 80 40- Vivan 120 160 200 That is correct! -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 international market. 200 200 40 220 220 20 240 240

Mc Graw Hill Macro- International Trade EcoTomIcs Mentor Domestic Market: No Trade If the world price is greater than $120, does this create a shortage or surplus of contact lenses market? the domestic No International Trade Julio 240 200 It creates a surplus - the domestic quantity supplied will be greater than the domestic quantity demanded. 160 80 40- Vivan 120 160 200 That is correct! -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 international market. 200 200 40 220 220 20 240 240

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

100%

If international trade is possible, what will happen to the surplus of contact lenses?

PS- the graph shown is for contact lenses.

Idk how to go about this problem?

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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