In the domestic market following the imposition of a voluntary quota,imports ________,domestic production ________,and prices ________.

Name: In the domestic market following the imposition of a voluntary quota,imports ________,domestic production ________,and prices ________.
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Question

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A voluntary quota on imports leads to a decrease in imports, an increase in domestic production as domestic firms fill the gap left by reduced imports, and an increase in prices due to the reduced supply of imported goods.

In the Domestic Market Following the Imposition of a Voluntary