Multiple Choice
What should happen to the equilibrium price and quantity in a market as a result of a quota on imports?
A) Equilibrium price and quantity should both go up.
B) Equilibrium price should go up,and equilibrium quantity should go down.
C) Equilibrium price should go down,and equilibrium quantity should go up.
D) Equilibrium price and quantity should both go down.
Correct Answer:
Verified
Correct Answer:
Verified
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