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Only one rm produces and sells soccer balls in the country of Wiknam, and as the story begins, international trade in soccer balls is prohibited. The following equations describe the monopolist's demand, marginal revenue, total cost, and marginal cost: Demand: P=13Q Marginal Revenue: MR = 13 2Q _ Total Cost: TC = 3 + Q + 0.591 Marginal Cost: MC = 1+ Q where Q is quantity and P is the price measured in Wiknamian dollars. The monopolist produoes soccer balls and sells them at a price of 3; each. The monopolist's prot is $ in this case. One day, the King of Wiknam decrees that henceforth there will be free tradeeither imports or exportsof soocer balls at the world price of $8. The firm is now a price taker in a competitive market. rise I fall The domestic production of soccer balls will V to soccer balls, and domestic consumption will V to soccer balls. Therefore, Wiknam will _ L soccer balls in note I \"9\" this case. fall \"For, In the analysis of international trade in Chapter 9, a country becomes an exporter when the price without trade is below the world price and an importer when the price without trade is above the w rld grice. mp r er/ Exporter In this case, the price without trade is H'gher' than the world price, and the country is an ' . This is because the claim made in Chapter 9 assumed the domestic market was V : Competitive! onopolistic Suppose that the world price was not $8 but, instead, happened to be exactly the same as the domestic, monopolistic price without trade. Lower I neither exporting nnr Importing Allowing trade in this case would result in the country ' soccer balls