Return to your answer for question 5. For prices below 2, which good does the country

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QUESTION:

Return to your answer for question 5. For prices below 2, which good does the country export? Which good does it import? How does the quantity (demanded or needed) of imports change as the price changes? What is happening to the country’s terms of trade as the price declines? What is happening to the country’s well-being or welfare as the price declines?

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