Question

Just as the total supply of steel to the US is the sum of the supplies...

Just as the total supply of steel to the US is the sum of the supplies from many countries, the supply to Canada is the sum of the supplies from many countries. The supplies to a country are related. For example, if the US imposes a tariff on steel exported from China that reduces the supply of Chinese steel to the US, Chinese steel firms would have more steel available for other markets and the supply of Chinese steel to both China and Canada would increase.

5. The equilibrium quantity of steel in Canada will

increase

decrease

remain the same

can’t tell

6. The amount of Chinese steel sold in Canada will

increase

decrease

remain the same

can’t tell

7. The amount of US steel sold in Canada will

increase

decrease

remain the same

can’t tell

8. The amount of Canadian steel sold in Canada will

increase

decrease

remain the same

can’t tell

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Answer #1

Answer
5. Increase
The equilibrium quantity will increae as there will be a higher number of sellers which will increase the supply and shift the supply curve to the right.

6. Increase
Assuming Chinese steel is lower in price, there will be increase inthe quantity sold as prices will fall.

7. decrease
With a tariff imposition, US domestic manufactureres will sell more of its steel in the domestic market rather than exporting it to any country.

8. increase
The prices fall due to greater supply, thus consumtion will be higher.


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