14 Dec 2021
Problem 1
Page 489
Section SELF: CHECK QUESTIONS
Chapter 20: Globalization and Protectionism
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14 Dec 2021
Introduction
A drop in tariffs in any nation would result in a bigger volume of imports from other countries since items would be cheaper to import.
- As a result, the quantity given would rise while the quantity required would remain constant.
- The extra supply resulting from the rise in equilibrium imports would cause equilibrium prices to decline.
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