Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Refer to Figure 9-1. With free trade, total surplus is
Group of answer choices
$210.00.
$552.50.
$80.00.
$245.50.
$472.50.
Refer to Figure 9-1. If international trade is prohibited, total surplus will fall by:
Group of answer choices
$245.
$97.5.
$210.
$102.5
$80.
Transcribed Image Text:Figure 9-1
Price of
Baskets
$14
Domestic
Supply
World
Price
10
Domestic
Demand
Quantity of
Baskets
40
70
105
to
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