If the world price is $4 in this market and the country allows free trade, the country will ["import", "export", "not trade", ""] this good, and the quantity imported/exported will be ["300", "200", "2", "400"] .

Name: if the world price is 4 in this market and the country allows free trade the country will import export not trade this good and the quantity importedexported will be 300 200 2 400 10726
Uploaded: 2023-11-13T05:03:34-08:00
Duration: 3 min 11 s
Channel: Akash M
Description: if the world price is 4 in this market and the country allows free trade the country will import export not trade this good and the quantity importedexported will be 300 200 2 400 10726

          If the world price is $4 in this market and the country allows free trade, the country will  ["import", "export", "not trade", ""] this good, and the quantity imported/exported will be ["300", "200", "2", "400"] .

Added by Derek W.

Principles of Economics

Gregory Mankiw 8th Edition

Instant Answer

Solved by Expert Akash M

11/13/2023

Step 1

If the world price is $4 and the country allows free trade, we need to compare the domestic price to the world price to see if the country will import or export the good. Show more…

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If the world price is $4 in this market and the country allows free trade, the country will ["import", "export", "not trade", ""] this good, and the quantity imported/exported will be ["300", "200", "2", "400"] .