The country of Sabora currently bans all international trade. Sabora makes high-quality spears and is currently producing as many spears as the local population wishes to buy at $50 each. Other countries currently produce and sell spears at $125 each. The newly elected president of Sabora decides to allow international trade for the first time in Sabora's existence. They will begin trade next year. Saboran spear-makers will happily engage in trade. Assume there is free trade, and that Sabora will sell all the spears they make. Note that not all statements will be used. What will happen to the quantity and price of Sabora's spears next year?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “The country of Sabora currently bans all international trade. Sabora makes high-quality spears and is currently producing as many spears as ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
You are the manager of a movie theater that is the only one in a local market, so you have strong market power.
Answers (1)
Match the legislation with its definition A. Equal Credit Opportunity Act B. Fair Credit Reporting Act C. Fair and Accurate Credit Transactions Act D. Consumer Credit Protection Act
Answers (1)
Clinicians and researchers will adopt advances such as devices for minimally invasive surgery, gene mapping and therapy, new vaccines, and other advances that will continue to transform the practice of medicine.
Answers (1)
On January 1, 2018, Deuce Inc. acquired 15% of Wiz Co.'s outstanding common stock for $62,400 and did not exercise significant influence. Wiz earned net income of $96,000 in 2018 and paid dividends of $36,000.
Answers (1)
Each of these is an element in composing potentially successful goals. Select all that apply. time-bound measurable special relevant
Answers (2)
New Questions in Business
Which of the following accounting steps in the accounting process would be completed last? a. posting b. preparing the financial statements c. preparing the adjusted trial balance d. journalizing
Answers (1)
Quality control charts usually have a central line and upper and lower control limit lines. Which of the following is not a reason that the process being monitored with the chart should be investigated? A.
Answers (1)
Blossom Company purchases a patent for $158,000 on January 2, 2017. Its estimated useful life is 8 years. (a) Compute amortization expense for the first year.
Answers (1)
Paul would like to buy $1,000 worth of stock with company abc. if the stock is worth $50 per share, how many shares will paul be able to buy? 21 shares 20 shares 50 shares 1,000 shares
Answers (1)
Suppose the market basket consists of 400X, 150Y, and 220Z. Current-year prices are $1.50 for each unit of X, $0.50 for each unit of Y, and $4.60 for each unit of Z. Base-year prices are $1.00 for each unit of X, Y, and Z.
Answers (1)