Apple Market Dynamics

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Questions and Answers

Let's draw ourselves a little ______ here

graph

The vertical axis is the ______ axis

price

This is price per ______

pound

The horizontal axis this is the ______

quantity Signup and view all the answers

Let's think about both the supply and the ______ curves for this market

demand Signup and view all the answers

What are the axes of the graph in the apple market?

The horizontal axis represents the quantity of apples and the vertical axis represents the price per pound. Signup and view all the answers

What is the purpose of drawing the tick marks on the graph?

The tick marks indicate the different price points in dollars per pound. Signup and view all the answers

What does the quantity on the horizontal axis represent?

The quantity represents the amount of apples in thousands of pounds produced. Signup and view all the answers

What is the time period for which the graph represents?

The graph represents the next week. Signup and view all the answers

What is the relationship between the price of apples and the demand curve?

If the price of apples were really high, the demand curve would be lower. Signup and view all the answers

What are the two key questions that need to be answered in order to make a strong argument for protectionism?

Why do countries not trade freely if it is good for all countries involved? Why do countries often protect their economies from import? Signup and view all the answers

Why would governments choose to protect their economies even when they know that free trade is best for the world?

Governments protect their economies to ensure the most efficient allocation of resources and to address concerns about domestic industries and employment. Signup and view all the answers

What is protectionism?

Protectionism is the economic policy of restraining trade between countries through methods such as tariffs, quotas, and subsidies. Signup and view all the answers

What are the arguments for protectionism?

The arguments for protectionism include protecting domestic industries, safeguarding national security, addressing unfair trade practices, and promoting economic self-sufficiency. Signup and view all the answers

What are the potential drawbacks of protectionism?

The potential drawbacks of protectionism include higher prices for consumers, reduced choices and competition, retaliation from trading partners, and inefficient allocation of resources. Signup and view all the answers