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The world price of grapefruits is above the price that currently prevails in Cuba in the absence of trade. Assuming that Cuba is a small economy compared to the rest of the world, what happens if Cuba decides to open up trade with the world grapefruit market?

Respuesta :

chidinmakpaduwa

Answer:

The price of domestic Cuban grapefruit for consumers will ... Increase

Cuban exports of grapefruits will ... Increase

Consumer surplus in Cuba will ... Decrease

Production surplus in Cuba will ... Increase

Explanation: