(Figure: Market for TVs 2) According to the figure, if there is international trade in this market, and the world price of televisions is $400, domestic consumers will purchase units from domestic producers and units from foreign producers. (Note: All grid lines in the graph - vertical and horizontal - are spaced out equally from each other, in 10 unit increments) Price 1,000 500 O 20,000; 30,000 O 40,000; 30,000 O 20,000; 60,000 O 40,000; 60,000 Domestic supply Domestic cmand 50 100 Quantity of TVs (in thousands)
(Figure: Market for TVs 2) According to the figure, if there is international trade in this market, and the world price of televisions is $400, domestic consumers will purchase units from domestic producers and units from foreign producers. (Note: All grid lines in the graph - vertical and horizontal - are spaced out equally from each other, in 10 unit increments) Price 1,000 500 O 20,000; 30,000 O 40,000; 30,000 O 20,000; 60,000 O 40,000; 60,000 Domestic supply Domestic cmand 50 100 Quantity of TVs (in thousands)
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter14: Firms In Competitive Markets
Section: Chapter Questions
Problem 11PA
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