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Consider a market that is initially in equilibrium with quantity demanded equal to quantity supplied ...

vellojo

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Consider a market that is initially in equilibrium with quantity demanded equal to quantity supplied ...

Consider a market that is initially in equilibrium with quantity demanded equal to quantity supplied at a price of $20. If the world price of the good is $10 and the country opens up to international trade then in this market we would expect
A) imports will increase, price will decrease, and the supply curve will shift to the left
B) quantity demanded will decrease, quantity supplied will decrease, and price will decrease
C) imports will increase, price will fall, and quantity supplied will fall
D) exports will increase, price will be unchanged, and quantity supplied will increase

Textbook

Foundations of Macroeconomics

Edition: 8^th

Authors: Bade, Parkin

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Studying economics @ Edinburgh U

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yadera

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More solutions for this book are available here

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vellojo Author

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7 years ago

Thank you for this

Comes at the right time too!

Good luck on your exams

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Studying economics @ Edinburgh U

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