1. Consider a small country that exports steel. Suppose the following graph depicts the domestic demand and supply for steel in this country. One of the two price lines represents the world price of steel.
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3. Use the following graph to help you answer the questions below. You will not be graded on any changes made to this graph.
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Transcribed Image Text:

Price of Steel (Dollars per ton) 100 Demand 90 80 70 60 50 40 30 20 10 10 Supply 0 0 100 200 300 400 500 600 700 800 900 1000 Quantity of Steel (Tons) Triangle P2 Polygon P (?) Price of Steel (Dollars per ton) 100 Demand 90 80 70 60 50 40 30 20 10 10 Supply 0 0 100 200 300 400 500 600 700 800 900 1000 Quantity of Steel (Tons) Triangle P2 Polygon P (?)