Suppose that if Iceland and Japan were both closed economies, the domestic price of fish would be
Question:
Suppose that if Iceland and Japan were both closed economies, the domestic price of fish would be $100 per ton in Iceland and $90 per ton in Japan. If the two countries decided to open up to international trade with each other, which of the following could be the equilibrium international price of fish once they begin trading?
a. $75.
b. $85.
c. $95.
d. $105.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer c 95 Feedback The correct answer is that 95 could be the equilibrium international price of f...View the full answer
Answered By
Muhammad Haroon
More than 3 years experience in teaching undergraduate and graduate level courses which includes Object Oriented Programming, Data Structures, Algorithms, Database Systems, Theory of Automata, Theory of Computation, Database Administration, Web Technologies etc.
3+ Reviews
10+ Question Solved
Related Book For 
Microeconomics Principles, Problems and Policies
ISBN: 978-1259450242
20th edition
Authors: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn
Question Posted:
