Question

1. Refer to the diagram showing the domestic demand and supply curves for a specific standardized product in a particular nation. If the world price of this product is $1, this nation will
A. neither export nor import the product.
B. export all of the product.
C. import some of the product and produce some of the product domestically.
D. import all of the product.

Answer 1

The correct option to the given question about domestic demand and supply curves is option A) neither export nor import the product.

The demand curve displays the amounts of a specific commodity or service that consumers will be able and willing to buy at each price throughout a given time frame. The supply curve displays the volume of goods that merchants will put up for sale at each price during that time. There are several different types of curves in economics theory. Demand curves can be divided into four categories: elastic, inelastic, individual, and market curves. Market supply, short-term supply, long-term supply, joint supply, and composite supply are the five different types of supply.

To learn more about Demand curves click here

brainly.com/question/13828738

#SPJ4