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Instructions: Enter your responses as a whole number. Identify the following when there is an absence of trade: the market price: $ domestic consumption: T-shirts
Instructions: Enter your responses as a whole number. Identify the following when there is an absence of trade: the market price: $ domestic consumption: T-shirts domestic production: T-shirts Now suppose that foreigners enter the market, offering to sell an unlimited supply of T-shirts for $7 a piece. Now with free trade, identify the following: the market price: $ domestic consumption: T-shirts domestic production: T-shirts If a tariff of $2 per T-shirt is imposed, with this trade barrier, identify the following: the market price: $ domestic consumption: T-shirts domestic production: T-shirts
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