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International trade can have big effects on domestic
markets. For both an import good and an export good (in other words, address
each bulleted item below twice—once for import and once for export), describe
how opening up to international trade affects the following:
supply or demand for the particular good,
the competitiveness of that good’s market, and
how the change in competitiveness affects equilibrium
price and quantity.
Stepping away from the import/export examples, describe
how opening up to trade specifically affects a domestic monopoly. Include an
explanation, using game theory, of how even a single additional competitor can
lead to a market outcome similar to perfect competition.
Your essay must be at least three pages in length (not
counting the title and references pages) and include at least three
peer-reviewed resources. Adhere to APA Style when writing your essay, including
citations and references for sources used. Be sure to include an introduction.
Please note that no abstract is needed.
International Trade
Student’s
Name
Institution
Course
Name/Number
Instructor
Due
Date
International Trade
Introduction
International
trade involves the sale of products or services between at least two different
countries. The exchange includes the import or export of goods and services
where buyers purchase from countries other than domestic markets—for instance,
considering oil—a popular product under international trade. Import and export of oil in the global
markets affect demand and supply for the product and its competitiveness.
According to Moshiri and Kheirandish (2019), the change of oil market
competitiveness from domestic to international trading involves the equilibrium
price and quantity. The discussion in this essay shall address these dynamics
of oil products in the global markets.
Supply
and demand for oil
Export
The supply...
