Problem
Why do we use the perfectly elastic world price curve as a sort of benchmark to evaluate social wellbeing in the case of international trade and import tariff while only using demand curve (willingness to pay) and supply curve (marginal cost) to analyze social wellbeing in the simple autarky economy case?
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.