An import ban results in

Question

Quizplus · Accepted Answer

When a country imposes an import ban, it means that foreign goods can no longer enter the domestic market. As a result, the supply of the product decreases, and this creates a shortage of the product, leading to an increase in the price of the product. In turn, consumers may reduce their demand for the product as the price increases, leading to a decrease in the quantity of the product bought and sold. Therefore, all of the above options are correct.

An Import Ban Results in