Multiple Choice
Assume that the United States imposes an import quota on Columbian coffee.Relative to the equilibrium world price that would prevail in the absence of import quotas,it is likely that the equilibrium price of coffee in the United States will _____ and the equilibrium price of coffee in Columbia will _____.
A) decrease;remain the same
B) remain the same;increase
C) increase;increase
D) increase;decrease
Correct Answer:
Verified
Correct Answer:
Verified
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