The following figure shows the demand and supply for a commodity in the domestic U.S.market as well as the global market.The commodity is imported from the rest of the world to the U.S.market.
Refer to Figure 10-3.In the absence of trade,the equilibrium price in the U.S.market is _____.

Question

The following figure shows the demand and supply for a commodity in the domestic U.S.market as well as the global market.The commodity is imported from the rest of the world to the U.S.market.

Refer to Figure 10-3.In the absence of trade,the equilibrium price in the U.S.market is _____.

Quizplus · Accepted Answer

The Answer of The following figure shows the demand and supply for a commodity in the domestic U.S.market as well as the global market.The commodity is imported from the rest of the world to the U.S.market. Refer to Figure 10-3.In the absence of trade,the equilibrium price in the U.S.market is _____. A)P₃ B)P₂ C)P₁ D)P₀

The Following Figure Shows the Demand and Supply for a Commodity