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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In the domestic market with no trade, the equilibrium price is _____ and the quantity traded is ____ units a. $90, 1,150 b. $60, 650 c. $60, 1,150 d. $40, 1,800
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