Suppose that the world price of steel is $100 a ton, India does not trade internationally, and
Question:
a. How does the price of steel in India change?
b. How does the quantity of steel produced in India change?
c. How does the quantity of steel bought by India change?
d. Does India export or import steel and why?
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a The price of steel in India rises to equal the world price b Producers respo...View the full answer
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