The following graph shows the same domestic demand and supply curves for soybeans in Venezuela. Suppose that the Venezuelan government changes its international trade policy to allow the free trade of soybeans. The horizontal black line (PW) represents the world price of soybeans at $350 per ton. Assume that Venezuela's entry into the world market for soybeans has no effect on the world price and there are no transportation or transaction costs associated with international trade in soybeans. Also assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. Use the green point (triangle symbol) to shade consumer surplus, and then use the purple point (diamond symbol) to shade producer surplus. When Venezuela allows free trade of soybeans, the price of a ton soybeans in Venezuela will be $350. At this price, tons of soybean will be demanded in Venezuela, and tons will be supplied by domestic suppliers. Therefore, Venezuela will import tons C The following graph shows the same domestic demand and supply curves for soybeans in Venezuela. Suppose that the Venezuelan government changes its international trade policy to allow the free trade of soybeans. The horizontal black line (Pw) represents the world price of soybeans at $350 per ton. Assume that Venezuela's entry into the world market for soybeans has no effect on the world price and there are no transportation or transaction costs associated with international trade in soybeans. Also assume that domestic suppliers will satisfy domestic demand as much as possible before any exporting or importing takes place. Use the green point (triangle symbol) to shade consumer surplus, and then use the purple point (diamond symbol) to shade producer surplus. PRICE (Dollars per tons) 550 Domestic Demand Domestic Supply 525 500 475 450 425 400 375 350 325 P. 300 0 40 80 120 160 200 240 280 320 360 400 QUANTITY (Thousands of tons of soybeans) Consumer Surplus Producer Surplus (?) When Venezuela allows free trade of soybeans, the price of a ton of soybeans in Venezuela will be $350. At this price, will be demanded in Venezuela, and tons will be supplied by domestic suppliers. Thomafa tons of soybean