Simone is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: B
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A) As indicated in the illustration, the world price is below the equilibrium level (WP) in free trade. In Canada, the cost is P. The economy's surplus is as follows:
- (1+2+4+5) represents the region of consumer excess.
- The area is represented by producer surplus (4).
- The total excess is represented by (1+2+3+4+5).
b) The devastation of the grape crop in the Gulf Stream will cause an economic supply shock. This will restrict grape supply, causing grape prices to rise owing to a lack of supply. This will raise wine prices all around the world. As a result, as illustrated in the graphic, the global price of wine will now rise. The Canadian wine price will be P, while the global wine price will be WP.
The economy's surplus is as follows:
- The area is represented by consumer excess (1).
- (2+3+4) represents the region of producer surplus.
- The total excess is represented by (1+2+3+4).
When aggregate supply and aggregate demand are equal, an economy is said to be at its equilibrium level of income. In other terms, it occurs when GDP equals total spending.
When supply and demand levels align, economic market equilibrium occurs, resulting in perfect market circumstances for buyers and sellers. Microeconomic and macroeconomic equilibrium are two forms of economic equilibrium. Supply and demand between buyers and sellers are balanced in microeconomics.
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