Assume that the graph depicts the U.S. domestic market for corn. How many bushels of corn, if
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Assume that the graph depicts the U.S. domestic market for corn. How many bushels of corn, if any, will the United States export or import at a world price of $1, $2, $3, $4, and $5? Use this information to construct the U.S. export supply curve and import demand curve for corn. Suppose the only other corn-producing nation is France, where the domestic price is
$4. Which country will export corn; which will import it?
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