Price S $11.00 $7.50 $6.00 $4.00 6 12 15 Quantity The graph above shows the demand and supply of wrenches for the country of Spain. 1. If trade is avoided, Spain consumes, wrenches at a price of per wrench. 2. With free trade, for a world price of $4 per wrench, Spain is producing wrenches.

Price S $11.00 $7.50 $6.00 $4.00 6 12 15 Quantity The graph above shows the demand and supply of wrenches for the country of Spain. 1. If trade is avoided, Spain consumes, wrenches at a price of per wrench. 2. With free trade, for a world price of $4 per wrench, Spain is producing wrenches.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

100%

Price
S
$11.00
$7.50
$6.00
$4.00
6
12
15
Quantity
The graph above shows the demand and supply of wrenches for the country of Spain.
1. If trade is avoided, Spain consumes,
wrenches at a price of
per wrench.
2. With free trade, for a world price of $4 per wrench, Spain is producing
wrenches.

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