Answer plz... The graph to the right depicts a specific factors economy that produces twogoods: cloth and food.Assuming that the country is open to trade, at the higher relative price,the economyO A. imports both cloth and food.B. exports cloth and imports food.O C. imports cloth and exports food.D. exports both cloth and food.CPFN(PC/PF)²(P/PE)~RSW or ldRelative quantity of clothRSRDWORLDQN

Relative Price of Cloth (Pc/Pf): This is the ratio of the prices of cloth (Pc) to food (Pf). It…

The graph to the right depicts a specific factors economy that produces two goods: cloth and food. Assuming that the country is open to trade, at the higher relative price, PE the economy O A. imports both cloth and food. B. exports cloth and imports food. C. imports cloth and exports food. O D. exports both cloth and food. 2

The graph to the right depicts a specific factors economy that produces two goods: cloth and food. Assuming that the country is open to trade, at the higher relative price, PE the economy O A. imports both cloth and food. B. exports cloth and imports food. C. imports cloth and exports food. O D. exports both cloth and food. 2

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter17: Production And Growth

Section: Chapter Questions

Problem 5CQQ

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