Often the benefit an individual consumer receives from the elimination of trade barriers is much less than the benefit a domestic firm or industry receives from keeping such a barrier in place.

Question

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The removal of trade barriers can lead to increased competition for domestic firms and industries, which may have a negative impact on their profits. However, consumers can benefit from lower prices and increased choice due to increased competition from foreign firms. Therefore, the benefit to consumers may be less than the benefit to domestic firms or industries.

Often the Benefit an Individual Consumer Receives from the Elimination