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See attached photos fa. Identify when there is an absence of trade: (i) the market price, (ii) domestic consumption, and (iii) domestic production. ii. Domestic

See attached photos

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\fa. Identify when there is an absence of trade: (i) the market price, (ii) domestic consumption, and (iii) domestic production. ii. Domestic consumption _ iii. Domestic production _ b. Now suppose that foreigners enter the market, offering to sell an unlimited supply of T-shirts for $7 apiece. Now with free trade, identify (i) the market price, (ii) domestic consumption, and (iii) domestic production. i- Market price ii. Domestic consumption _ iii. Domestic production _ c. If a tariff of $2 per T-shirt is imposed, with this trade barrier, identify (i) the market price, (ii) domestic consumption, and (iii) domestic production. ii. Domestic consumption _ iii. Domestic production _

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