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[See] Suppose that Cuba suddenly opens up to trade with the rest of the world and finds that the "world price" of sugar is much higher than the domestic

Question: Suppose that Cuba suddenly opens up to trade with the rest of the world and finds that the "world price" of sugar is much higher than the domestic (Cuban) price of sugar. Use consumer and producer surplus to answer the following questions:

  1. What happens to the well-being of Cuban sugar manufacturers?
  2. What happens to the well-being of Cuban sugar consumers?
  3. What happens to the well-being of the Cuban economy?

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