When New Zealand allows free trade of lemons, the price of a ton of lemons in New Zealand will be $800. At this price, 400,000 tons of lemons will be demanded in New Zealand, and 100,000 tons will be supplied by domestic suppliers. Therefore, New Zealand will import 300,000
When New Zealand allows free trade of lemons, the price of a ton of lemons in New Zealand will be $800. At this price, 400,000 tons of lemons will be demanded in New Zealand, and 100,000 tons will be supplied by domestic suppliers. Therefore, New Zealand will import 300,000
Chapter28: International Trade
Section: Chapter Questions
Problem 9P
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