When China's clothing industry expands, the increase in world supply lowers the world price of clothing. Consider the effects this has on both an importer and an exporter of clothing. Suppose the following graph represents the market for clothing in Australia prior to the expansion of China's clothing industry. Australia is an of clothing because the world price is the domestic equilibrium price. Note: You will have to use green points (triangle symbol) and purple points (diamond symbol) to shade the consumer and producer surplus areas on the following graphs. There are two green points and two purple points per graph. Use either one point of both to most accurately indicate the areas. For example, if indicating the producer surplus requires only one purple point, leave the second one on the palette. Use the green point (triangle symbol) to shade consumer surplus in the Australia before China's clothing industry expands. Then use the purple point (diamond symbol) to shade producer surplus. Market for Clothing in Australia Consumer Surplus Producer Surplus Price of Clothing Quantity of Clothing Domestic Demand Domestic Supply World Price On the following graph, use the green point (triangle symbol) to shade consumer surplus in Australia after China's clothing industry expands. Then use the purple point (diamond symbol) to shade producer surplus. Market for Clothing in Australia Consumer Surplus Producer Surplus Price of Clothing Quantity of Clothing Domestic Demand Domestic Supply New World Price Suppose the following graph represents the market of clothing in Vietnam prior to the expansion of China's clothing industry. Vietnam is an of clothing because the world price is the domestic equilibrium price. Use the green point (triangle symbol) to shade consumer surplus in Vietnam before China's clothing industry expands. Then use the purple point (diamond symbol) to shade producer surplus. Market for Clothing in Vietnam Consumer Surplus Producer Surplus Price of Clothing Quantity of Clothing Domestic Demand Domestic Supply World Price On the following graph, use the green point (triangle symbol) to shade consumer surplus in Vietnam after China's clothing industry expands. Then use the purple point (diamond symbol) to shade producer surplus. Market for Clothing in Vietnam Consumer Surplus Producer Surplus Price of Clothing Quantity of Clothing Domestic Demand Domestic Supply New World Price As a result of the fall in the world price of clothing, the change in consumer surplus is the change in producer surplus in importing countries, and the change in consumer surplus is the change in producer surplus in exporting countries.