Question: A vegetable fibre is traded in a competitive world market at a price of $9 per pound (lb). Unlimited quantities are available for import

A vegetable fibre is traded in a competitive world market at a price of $9 per pound (lb). Unlimited quantities are available for import into the USA at the world price (of $9 per pound). The US domestic supply and demand for various prices are shown as follows: Price ($) 6 12 15 18 US supply million lb 4 8 10 12 US demand million lb 28 22 16 10 4

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