Business, 15.02.2021 20:00 studyoverload

Consider the market for meekers in the imaginary economy of Meekertown. In the absence of international trade, the domestic price of meekers is $40. Suppose that the world price of meekers is $39. Assume that Meekertown is too small to influence the world price of meekers once it enters the international market. If Meekertown allows free trade, then it will meekers. Given current economic conditions in Meekertown, Indicating whether each of the statements is true or false.

a. Meekertownian consumers were worse off without free trade than they are with it. Meekertownian producers were worse off without free trade than they are with it.
b. When a country is too small to affect the world price, allowing free trade will never increase total surplus in that country, regardless of whether it imports or exports as a result of international trade.

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Consider the market for meekers in the imaginary economy of Meekertown. In the absence of internatio...

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