An import ban results in
A) an increase in the product's price.
B) a decrease in the quantity of the product bought and sold.
C) a decrease in the supply of the product.
D) all of the above.
D
Economics
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A problem that exists when naturally occurring incentives encourage sufficient numbers of people to act in a way that makes everybody worse off is called a
A) zero-sum problem. B) cause-and-effect problem. C) collective action problem. D) trade-off.
Economics
Which of the following is an implicit cost to a firm that produces a good or service?
A. Labor costs B. Foregone profits of producing a different good or service C. Costs of operating production machinery D. Costs of renting or buying land for a production site
Economics