When a country chooses to protect domestic industries from foreign competition,it will incur a cost in the form of

Question

Quizplus · Accepted Answer

When a country protects its domestic industries, it creates a situation where the industries become less competitive and efficient, which leads to higher prices for consumers. This reduces the material living standards of the people, as they have to pay more for goods and services.

When a Country Chooses to Protect Domestic Industries from Foreign