Table 18-4 -Table 18-4 Presents the Demand and Supply Schedules for Television

Table 18-4
$\begin{array}{ccccccc}\text { Quantity }&\text { Quantity }&\text { Quantity }&\text { Quantity }&\\\text { Price per } & \text { Demanded } & \text { Supplied } & \text { Demanded } & \text { Supplied } \\\text { TV } & \text { in United States } & \text { in United States } & \text { Japan } & \text { Japan } \\\underline {\text { (dollars) }} &\underline { \text { (thousands) }} & \underline { \text { (thousands) }} &\underline { \text { (thousands) }} & \underline { \text { (thousands) }} \\100 & 100 & 10 & 100 & 25 \\200 & 85 & 20 & 85 & 50 \\300 & 70 & 30 & 70 & 70 \\400 & 60 & 40 & 60 & 80 \\500 & 50 & 50& 50 & 90 \\600 & 40 & 60 & 40 & 100 \\700 & 30 & 70 & 30 & 110 \\800 & 30 & 80 & 20 & 120\end{array}$
-Table 18-4 presents the demand and supply schedules for television sets in Japan and the United States.If there is no trade between these countries, what are the equilibrium price and quantity in the United States?

A) P = $100, Q = 100
B) P = $200, Q = 85
C) P = $300, Q = 70
D) P = $500, Q = 50

Correct Answer:

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