Table 19.3 Domestic Supply and Demand for Tulips in the Netherlands Demand Supply Q P($) Q P($) 12,000 0 6,000 0 10,000 1 7,000 1 8,000 2 8,000 2 6,000 3 9,000 3 4,000 4 10,000 4 Refer to Table 19.3, which shows the demand, supply, and price of tulips in the Netherlands. If the world price of tulips is $1 and there are no trade restrictions, the Netherlands will _____ Group of answer choices consume all of the tulips that it produces. produce 10,000 and consume 10,000 tulips. import all of the tulips that it consumes. produce 9,000, consume 6,000, and export 6,000 tulips. produce 7,000, consume 10,000, and export 3,000 tulips
Table 19.3 Domestic Supply and Demand for Tulips in the Netherlands Demand Supply Q P($) Q P($) 12,000 0 6,000 0 10,000 1 7,000 1 8,000 2 8,000 2 6,000 3 9,000 3 4,000 4 10,000 4 Refer to Table 19.3, which shows the demand, supply, and price of tulips in the Netherlands. If the world price of tulips is $1 and there are no trade restrictions, the Netherlands will _____ Group of answer choices consume all of the tulips that it produces. produce 10,000 and consume 10,000 tulips. import all of the tulips that it consumes. produce 9,000, consume 6,000, and export 6,000 tulips. produce 7,000, consume 10,000, and export 3,000 tulips
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Table 19.3
|
Domestic for Tulips in the Netherlands |
|||
|
Demand |
Supply |
||
|
Q |
P($) |
Q |
P($) |
|
12,000 |
0 |
6,000 |
0 |
|
10,000 |
1 |
7,000 |
1 |
|
8,000 |
2 |
8,000 |
2 |
|
6,000 |
3 |
9,000 |
3 |
|
4,000 |
4 |
10,000 |
4 |
Refer to Table 19.3, which shows the demand, supply, and price of tulips in the Netherlands. If the world price of tulips is $1 and there are no trade restrictions, the Netherlands will _____
Group of answer choices
consume all of the tulips that it produces.
produce 10,000 and consume 10,000 tulips.
import all of the tulips that it consumes.
produce 9,000, consume 6,000, and export 6,000 tulips.
produce 7,000, consume 10,000, and export 3,000 tulips.
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