Problem
Suppose that the world price of sugar is 10 cents a pound, the United States does not trade internationally, and the U.S. equilibrium price of sugar is 20 cents a pound. The United States then begins to trade internationally.
• How does the price of sugar in the United States change?
• Do U.S. consumers buy more or less sugar?
• Do U.S. sugar growers produce more or less sugar?
• Does the United States export or import sugar?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.