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The diagram on the right shows the market for tennis shoes in the Market for Tennis Shoes United States. If the United States does not
The diagram on the right shows the market for tennis shoes in the Market for Tennis Shoes United States. If the United States does not trade with Price other countries, what are the equilibrium price and quantity of tennis shoes? Supply The equilibrium price is $ 35 , and the equilibrium quantity is 30 million pairs of shoes. Suppose the United States opens to free trade with other countries and the world price is $20 per pair of tennis shoes. What are the quantity demanded, quantity supplied by domestic producers, and the quantity of imports? The quantity demanded is |:| million pairs of shoes, the quantity E] supplied by domestic producers is |:| million pairs of shoes, and the quantity of imports is |:| million pairs of shoes. Demand 15 20 30 45 55 Q (millions)
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