Refer to the diagram, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product. Sd + Q is the product supply curve after an import quota is imposed. The effect of the import quota on domestic price and domestic consumption is

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DeanGregorio1612 DeanGregorio1612

13-12-2022
Business

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Refer to the diagram, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product. Sd + Q is the product supply curve after an import quota is imposed. The effect of the import quota on domestic price and domestic consumption is

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namrata421 namrata421 · Answer 1 · 2022-12-17T20:19:08+01:00

In the absence of a quota or tariff, domestic suppliers would manufacture v units at the world price of Pc while importing vz units. Domestic providers respond by producing w units for sale as a result of the quota raising the price to Pt. Under the quota, wy units are imported.

Which of the following describes a rule that limits how much of a certain item can be imported?

Import quotas are volume limitations that limit the number of different goods that can be brought into the United States in a given time frame.

What impact will a tariff and import cap have on the volume of imports and domestic prices?

Tariffs are import charges, whereas quotas are upper restrictions on the volume of imports allowed into the country. In contrast to free trade, tariffs and quotas both raise the equilibrium price and lower the equilibrium quantity in the domestic market.

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