Use the following graph to answer the next six questions.
22,000
20,000
Domestic
supply
18,000
16,000
Price 14,000
of 12,000
cars 10,000
($) 8,000
6,000
4,000
2,000
World price
Domestic
demand
10 20 30 40 50 60 70 80 90 100
Quantity of cars (thousands)
If this economy trades with other countries, what will the price of a car be in this
open economy?
$6,000
$14,000
$8,000
$24,000
$10,000