Multiple Choice
If the United States increases tariffs on imports of lumber from Canada (which raises the price of lumber in the United States) ,the equilibrium price of new homes in the United States will _____ and the equilibrium quantity of new homes in the United States will _____.
A) increase;increase
B) increase;decrease
C) decrease;increase
D) decrease;decrease
Correct Answer:
Verified
Correct Answer:
Verified
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