Question

If country A exports $10 billion worth of goods to country B and imports $8 billion worth of goods from country B, then country A has a(n):

Answer 1

If country A exports $10 billion worth of goods to country B and imports $8 billion worth of goods from country B, then country A has a(n): $2 billion trade surplus with country B.

What is long run market in business?

When a country exports more than it imports, it is said that the country has a trade surplus. On the other hand, when a country imports more than it exports, it is said that the country has a trade deficit.

The term "long run" refers to a time frame during which all cost and production elements are movable. A business will eventually look for the production technology that will enable it to produce the necessary level of output for the least amount of money.

The long run is a theoretical concept in economics where all markets are in equilibrium, all prices have fully adjusted, and all quantities are in equilibrium. The short-run, where there are certain restrictions and markets are not completely in equilibrium, contrasts with the long-run.

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