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Author Question: Explain the effects of an import quota on domestic production, consumption, and price. What will ... (Read 125 times)

geoffrey

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on: Jun 29, 2018
Explain the effects of an import quota on domestic production, consumption, and price.
 
  What will be an ideal response?

Question 2

Using the scenario above why might the results be different for small classes compared to large classes?
 
  What will be an ideal response?


TDubDCFL

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Reply #1 on: Jun 29, 2018
Answer to Question 1

An import quota raises the domestic price of the product. The higher price increases domestic production and decreases domestic purchases.

Answer to Question 2

Larger classes make collusion much more difficult to manage successfully. In a smaller class there is less leg work to pull it off.


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geoffrey

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Reply #2 on: Jun 29, 2018
Thank you


TDubDCFL

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Reply #3 on: Jun 29, 2018
No problemo


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