Asked by Patrick Olano on May 10, 2024
Verified
Refer to Figure 4.5. At the world price of $15 per CD-Rom drive, the United States imports ________ million CD-Rom drives.
A) 3
B) 6
C) 9
D) 12
World Price
The international market price of a good, influenced by global supply and demand.
CD-Rom Drives
Hardware devices used to read data stored on CD-ROMs, commonly used for media and software distribution before the digital era.
- Discern the consequences of tariffs and international commerce policies on home markets.
Verified Answer
VG
Victoria GriecoMay 11, 2024
Final Answer :
C
Explanation :
At the world price of $15, the quantity demanded in the United States exceeds the quantity supplied. The difference between the quantity demanded (21 million) and the quantity supplied (12 million) at this price is 9 million CD-Rom drives, indicating the volume of imports.
Learning Objectives
- Discern the consequences of tariffs and international commerce policies on home markets.