The Following Are Domestic Supply and Demand Schedules for a Product

Multiple Choice

The following are domestic supply and demand schedules for a product. Suppose that the world price of the product is $1.

$\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Quantity } \\\text { supplied } \\\text { (domestic) }\end{array} & \text { Price } & \begin{array} { c } \text { Quantity } \\\text { demanded } \\\text { (domestic) }\end{array} \\\hline 12 & \$ 5 & 2 \\\hline 10 & 4 & 4 \\\hline 7 & 3 & 7 \\\hline 4 & 2 & 11 \\\hline 1 & 1 & 16 \\\hline\end{array}$
-If this nation were entirely closed to international trade,the equilibrium price and quantity would be:

A) $5 and 2 units
B) $1 and 1 unit
C) $4 and 4 units
D) $3 and 7 units
E) $2 and 11 units