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Draw and label a graph depicting world trade in which the world price is perfectly elastic...

  1. Draw and label a graph depicting world trade in which the world price is perfectly elastic and higher than the country price.
    1. Start with a graph depicting market equilibrium with the demand curve and supply curves having slopes of approximately 1 (negative 1 for demand).
    2. Modify the graph to demonstrate the world market price being lower than the country market price.
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