Use Figures 1 and 2 to work Problems. Figure 1 and Figure 2 show the markets for shoes if there is no trade between the United States and Brazil.
Figure 1 U.S. Shoe Market
Figure 2 Brazil’s Shoe Market
The world price of a pair of shoes is $20. Explain how consumers and producers in Brazil gain or lose as a result of international trade. Show the change in Brazil’s purchases, production, and the price of a pair of shoes.
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