The following table shows the demand, supply, and price of tulips in the Netherlands. If the world price of tulips is $1 and there are no trade restrictions, the Netherlands will: Table 19.2 Domestic Supply and Demand for Tulips in the Netherlands Demand Supply Q P($) Q P($) 12,000 6,000 10,000 1 7,000 1 8,000 2 8,000 2 6,000 9,000 3. 4,000 4 10,000 4 O produce 9,000, consume 6,000, and export 6,000 tulips. O produce 7,000, consume 10,000, and export 3,000 tulips. O produce 10,000 and consume 10,000 tulips.

The following table shows the demand, supply, and price of tulips in the Netherlands. If the world price of tulips is $1 and there are no trade restrictions, the Netherlands will: Table 19.2 Domestic Supply and Demand for Tulips in the Netherlands Demand Supply Q P($) Q P($) 12,000 6,000 10,000 1 7,000 1 8,000 2 8,000 2 6,000 9,000 3. 4,000 4 10,000 4 O produce 9,000, consume 6,000, and export 6,000 tulips. O produce 7,000, consume 10,000, and export 3,000 tulips. O produce 10,000 and consume 10,000 tulips.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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