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Author Question: If the world price of a good is lower than its domestic equilibrium price, the country will: a. ... (Read 179 times)

laurencescou

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on: Jun 30, 2018
If the world price of a good is lower than its domestic equilibrium price, the country will:
 a. import a quantity of the good equal to the difference between the quantity demanded domestically and the quantity supplied domestically.
  b. export a quantity of the good equal to the difference between the quantity demanded domestically and the quantity supplied domestically.
  c. import a quantity of the good equal to the difference between the quantity demanded domestically and the quantity supplied by foreign producers.
  d. export a quantity of the good equal to the difference between the quantity demanded by foreign consumers and the quantity supplied domestically.
  e. import a quantity of the good equal to the difference between the quantity demanded by foreign consumers and the quantity supplied by foreign producers.

Question 2

What is the difference between private and social costs?


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bubulittle310@msn.cn

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Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

Social costs are those that accrue to the total population; private costs refer to those costs incurred only by the producer or consumer of the good or service.


laurencescou

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Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

dreamfighter72

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Reply 3 on: Yesterday
Excellent

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