Answered: Table 19.3 Domestic Supply and Demand…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter34: Globalization And Protectionism

Section: Chapter Questions

Problem 55P: Assume two countries, Thailand (T) and Japan (J), have one good: cameras. The demand (d) and supply...

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Table 19.3

Domestic Supply and Demand for Tulips in the Netherlands
Demand	Supply
Q	P($)	Q	P($)
12,000	0	6,000	0
10,000	1	7,000	1
8,000	2	8,000	2
6,000	3	9,000	3
4,000	4	10,000	4

Refer to Table 19.3, which shows the demand, supply, and price of tulips in the Netherlands. If the world price of tulips is $1 and there are no trade restrictions, the Netherlands will _____

Group of answer choices

consume all of the tulips that it produces.

produce 10,000 and consume 10,000 tulips.

import all of the tulips that it consumes.

produce 9,000, consume 6,000, and export 6,000 tulips.

produce 7,000, consume 10,000, and export 3,000 tulips.

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