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 the economy is opened to free trade and the world price of $1 prevailed,the price and total quantity sold of this product (both domestically produced and imported) would be:

A) $1 and 1 unit
B) $4 and 10 units
C) $3 and 7 units
D) $2 and 11 units
E) $1 and 16 units