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Question 1
The graph below shows the supply and demand curves and the world price for bagels. Graphs with window x: 0 to 12, y: 0 to 12. Start Graph, Color red
xy
02
13
24
35
46
57
68
79
810
911
1012
1113
1214
Start Graph, Color blue
xy
010
19
28
37
46
55
64
73
82
91
100
11-1
12-2
Start Graph, Color black
xy
07
17
27
37
47
57
67
77
87
97
107
117
127
Label "Quantity of bagels" at pixel coordinates (175,0).Label "Price of bagels" at pixel coordinates (0,170).Label "Demand" at (1,10-1). Label "Supply" at (1,2+1). Label "Price with free trade" at (1,7).

What is equilibrium price if this country does not trade?

 

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Question 2

What is equilibrium quantity if this country does not trade?

 

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Question 3

What is the world price with free trade?

 

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Question 4

What is domestic quantity demanded at the world price with free trade?

 

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Question 5

What is the amount of domestic supply at the world price with free trade?

 

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Question 6

At this world price with free trade, this country will

 

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Question 7

What is the amount of the exports at the world price with free trade?

 

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Question 8

What is the size of the gains from trade at the world price?

 

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