34. Within the Marvel universe, the nation of Wakanda controls the world's supply of Vibranium, a metal with extraordinary abilities, costing $10,000 per gram. Currently, Wakanda does not trade the metal with other countries, preferring to remain in a state of autarky. However, if Wakanda subsequently decides to export Vibranium, what would happen to the price, assuming demand stays constant? (A) It would go up. (B) It would go down. (C) It would stay the same. (D) Impossible to determine without more information.

34. Within the Marvel universe, the nation of Wakanda controls the world's supply of Vibranium, a metal with extraordinary abilities, costing $10,000 per gram. Currently, Wakanda does not trade the metal with other countries, preferring to remain in a state of autarky. However, if Wakanda subsequently decides to export Vibranium, what would happen to the price, assuming demand stays constant? (A) It would go up. (B) It would go down. (C) It would stay the same. (D) Impossible to determine without more information.

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter9: Application: International Trade

Section: Chapter Questions

Problem 7PA

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