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Refer to Figure 9-4. When the country for which the figure is drawn allows international trade in crude oil, a. the demand for crude oil by domestic crude oil consumers decreases. b. domestic crude oil producers sell less crude oil. c. the losses of the domestic losers outweigh the gains of the domestic winners. d. consumer surplus for domestic crude oil consumers decreases. PRICE (Dollars per barrel) Figure 9-4 D Domestic Supply World Price Domestic Demand QUANTITY (Barrels of crude oil)

Refer to Figure 9-4. When the country for which the figure is drawn allows international trade in crude oil, a. the demand for crude oil by domestic crude oil consumers decreases. b. domestic crude oil producers sell less crude oil. c. the losses of the domestic losers outweigh the gains of the domestic winners. d. consumer surplus for domestic crude oil consumers decreases. PRICE (Dollars per barrel) Figure 9-4 D Domestic Supply World Price Domestic Demand QUANTITY (Barrels of crude oil)

Principles of Macroeconomics (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781305971509
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter9: Application: International Trade
Section: Chapter Questions
Problem 3CQQ
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Refer to Figure 9-4. When the country for which the figure is drawn allows international trade in crude oil, a. the demand for crude oil by domestic crude oil consumers decreases. b. domestic crude oil producers sell less crude oil. c. the losses of the domestic losers outweigh the gains of the domestic winners. d. consumer surplus for domestic crude oil consumers decreases. PRICE (Dollars per barrel) a a A B O Figure 9-4 D Domestic Supply World Price Domestic Demand QUANTITY (Barrels of crude oil)
Transcribed Image Text:Refer to Figure 9-4. When the country for which the figure is drawn allows international trade in crude oil, a. the demand for crude oil by domestic crude oil consumers decreases. b. domestic crude oil producers sell less crude oil. c. the losses of the domestic losers outweigh the gains of the domestic winners. d. consumer surplus for domestic crude oil consumers decreases. PRICE (Dollars per barrel) a a A B O Figure 9-4 D Domestic Supply World Price Domestic Demand QUANTITY (Barrels of crude oil)
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