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Suppose that the current international price of wheat is $6 per bushel and that the United States is currently exporting 30 million bushels per year.
Suppose that the current international price of wheat is $6 per bushel and that the United States is currently exporting 30 million bushels per year. If the United States suddenly became a closed economy with respect to wheat, would the domestic price of wheat in the United States end up higher or lower than $6? a. Higher. b. Lower. c. The same
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