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Question
In the domestic market following the imposition of an import quota, imports ________, domestic production ________, and prices ________.
a. decrease; increases; decrease
b. increase; increases; increase
c. decrease; increases; increase
d. increase; decreases; decrease
e. decrease; decreases; increase
Answer
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Related questions
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b. relatively unresponsive to a change in price.
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Price gouging laws will usually result in ________ the product in the distressed market.
a. more supply of
b. more local business start-ups to supply
c. government setting up an agency to regulate supply of
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Q:
The economic entity most likely to engage in price gouging is
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Q:
What is the long-run consequence of a price ceiling law?
a. A surplus will continue to exist and will grow larger over time.
b. A surplus will continue to exist and will grow smaller over time.
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Q:
Suppose Solomon lives in a community with no price controls. What do you expect will happen if his town borders a community where there is a binding price ceiling on most products?
a. Prices in the legal market in the community with a binding price ceiling will rise.
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Q:
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Q:
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a. Demand for jelly will increase along with the price.
b. Demand for jelly will decrease along with the price.
c. The supply of jelly will increase and the price will decrease.
d. Both the supply and demand for jelly will increase along with the price.
e. The supply of jelly will decrease and the price will increase.
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Q:
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Q:
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