Suppose that the world price of rice is 40 cents a kilogram, China does not trade internationally,

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Suppose that the world price of rice is 40 cents a kilogram, China does not trade internationally, and the equilibrium price of rice in China is 60 cents a kilogram. China then begins to trade internationally.

a. How does the price of rice in China change?

b. Do Chinese consumers buy more or less rice?

c. Do Chinese rice growers produce more or less rice?

d. Does China export or import rice and why?

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Economics

ISBN: 9781292433639

14th Global Edition

Authors: Michael Parkin

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Question Posted: Jan 27, 2024 10:01 PM

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Suppose that the world price of rice is 40 cents a kilogram, China does not trade internationally,

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a When China begins to trade internationally and the world price of rice is lower at 40 cents a kilo...View the full answer

Economics

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