Sample_Exam_3 - Economics 340 Exam 3 Sample The figure...

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Economics 340 Exam 3 Sample
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The figure below depicts the U.S. market for chocolate. Use the information in this figure to answer questions 1 – 5. 1. If the United States could trade chocolate freely with the rest of the world at a price of $15, how much chocolate would be produced in the United States? A. 0 B. 50 C. 100 D. 150 E. 300 2. If the United States could trade chocolate freely with the rest of the world at a price of $15, how much chocolate would be purchased in the United States? 3. How many units of chocolate would the the Untied States import if it could trade chocolate freely with the rest of the world at a price of $15,? Price ($/unit) Quantity Supply Demand 30 25 20 15 50 100 150 10 300
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