Suppose that the equilibrium quantity and price for tangerines is ( 170 , $ 7 ) in a small closed-economy. When the economy opens the tangerine market to trading, the price of tangerines drops to $ 3 , the domestic quantity demanded increases to 190 and the domestic quantity supplied decreases to 131. What is the value of the area that represents the increase in total surplus, or the gains from trade, realized from opening the tangerine market

Suppose portugal has 700 workers and 26,000 units of capital, and france has 18,000 workers and 700 units of capital. technology is identical in both countries. assume that wine is the capital-intensive good and cloth is the labor-intensive good. which of the following statements is correct if the nations start trading with each other? a) wages will increase in portugal.b) rental rates in france will increase.c) wages in france will decrease.d) rental rates in portugal will increase.