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Author Question: The diagram below shows the (hypothetical) demand and supply curves for regional jets in Canada. ... (Read 54 times)

M1ch3a

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The diagram below shows the (hypothetical) demand and supply curves for regional jets in Canada. Assume that the market is competitive, all jets are identical, and that Canada engages in international trade.


FIGURE 19-6

Refer to Figure 19-6. Assume the world price of a regional jet is $20 million. Further, suppose that Canada disallowed international trade in regional jets and Canadian consumers purchase the domestic equilibrium quantity of jets from domestic suppliers. What is the total additional expenditure Canadian consumers will pay in this no-trade situation versus the amount they would pay for the same quantity at the world price?


◦ $700 million
◦ $2100
◦ $1400
◦ $1800 million
◦ $10 million


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Marked as best answer by M1ch3a on Oct 12, 2022

Kevin5!

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M1ch3a

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Reply 2 on: Oct 12, 2022
Excellent


frankwu0507

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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