question archive which shows free trade in motorbikes
which shows free trade in motorbikes
Subject:EconomicsPrice:1.87 Bought7
which shows free trade in motorbikes. Assume that consumers in the United States shift their tastes in favor of motorbikes. What is the effect on the U.S. domestic demand and/or supply curve(s)? What is the effect on the U.S. demandfor-imports curve? What is the effect on the equilibrium international price?
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Answer:
The demand curve D US shifts to the right. The U.S. demand-for-imports curve D m shifts to the right. The equilibrium international price rises above 1,000. It is shown by the intersection of the new U.S. D m curve and the original S x curve.
