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The table below shows hypothetical Canadian domestic demand and supply schedules for granite. Assume ...

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The table below shows hypothetical Canadian domestic demand and supply schedules for granite. Assume ...

The table below shows hypothetical Canadian domestic demand and supply schedules for granite. Assume there are no restrictions on trade.

World Price of Granite ($/tonne)	Quantity Demanded of Granite (tonnes)	Quantity Supplied of Granite (tonnes)
1000	20	170
900	40	140
800	60	110
700	80	80
600	100	50
500	120	20
400	140	0
300	160	0

TABLE 19-6

Refer to Table 19-6. Suppose the world price of granite is $350 per tonne. What quantity will Canada import or export?

▸ Canada will export 140 tonnes.

▸ Canada will export 160 tonnes.

▸ Canada will import 0 tonnes.

▸ Canada will neither import nor export.

▸ Canada will import 150 tonnes.

Textbook

Microeconomics

Edition: 17^th

Author: Ragan

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