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Suppose that the supply schedule of Maine lobsters is as follows:
Suppose that the supply schedule of Maine lobsters is as
Suppose that Maine lobsters can be sold only in the United States. The U.S. demand schedule for Maine lobsters is as follows:
Suppose that the supply schedule of Maine lobsters is as
a. Draw the demand curve and the supply curve for Maine lobsters. What are the equilibrium price and quantity of lobsters?
Now suppose that Maine lobsters can be sold in France. The French demand schedule for Maine lobsters is as follows:
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