One Result of a Bilateral Trade Agreement Reached Between the GCC

Multiple Choice

One result of a bilateral trade agreement reached between the GCC and Singapore in 2008 was the phasing out of a tariff on halal meat imposed by the GCC. Which of the following is the most likely result from the elimination of this tariff?

A) The supply of halal meat produced by Singapore firms will increase.
B) The price of halal meat in Singapore will rise.
C) The Singapore economy will benefit but some workers and firms in the halal meat industry will suffer losses.
D) There will be an increase in the incomes of workers in Singapore halal meat industry.