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Business, 17.12.2021 04:00 thomasg185

Suppose that the equilibrium quantity and price for tangerines is ( 170 , $ 7 ) in a small closed-economy. When the economy opens the tangerine market to trading, the price of tangerines drops to $ 3 , the domestic quantity demanded increases to 190 and the domestic quantity supplied decreases to 131. What is the value of the area that represents the increase in total surplus, or the gains from trade, realized from opening the tangerine market

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Suppose that the equilibrium quantity and price for tangerines is ( 170 , $ 7 ) in a small closed-ec...
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