Use the following table for Country X to answer the next question. Column 1 of the table is the world-market price of a product, Column 2 is the quantity demanded domestically (Qdd), and Column 3 is the quantity supplied domestically (Qsd). Assume the small-country model is applicable.PriceQddQsd$5.002004004.002503503.003003002.003502501.00400200 If Country X opens itself up to international trade and the world-market price of the product is $3, then Country X willa. neither export nor import the productb. export some units of the productc. import some units of the productd. not produce the product

An import is a product or service purchased in one country but manufactured in another.…

Answered: Use the following table for Country X…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Use the following table for Country X to answer the next question. Column 1 of the table is the world-market price of a product, Column 2 is the quantity demanded domestically (Qdd), and Column 3 is the quantity supplied domestically (Qsd). Assume the small-country model is applicable.

Price	Q_dd	Q_sd
$5.00	200	400
4.00	250	350
3.00	300	300
2.00	350	250
1.00	400	200

If Country X opens itself up to international trade and the world-market price of the product is $3, then Country X will

a. neither export nor import the product

b. export some units of the product

c. import some units of the product

d. not produce the product

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