Suppose that the world price of sugar is 20 cents a pound, Brazil does not trade internationally,
Question:
Suppose that the world price of sugar is 20 cents a pound, Brazil does not trade internationally, and the equilibrium price of sugar in Brazil is 10 cents a pound. Brazil then begins to trade internationally.
- How does the price of sugar in Brazil change? Do Brazilians buy more or less sugar? Do Brazilian sugar growers produce more or less sugar?
- Does Brazil export or import sugar and why?
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With international trade the price of sugar rises in ...View the full answer
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