Domestic producers of a good become worse off,and domestic consumers of a good become better off,when a country begins allowing international trade in that good and

Question

Quizplus · Accepted Answer

When a country becomes an importer of a good, domestic producers face competition from foreign producers, often leading to lower prices and reduced market share, making them worse off. Conversely, domestic consumers benefit from lower prices and increased variety, making them better off.

Domestic Producers of a Good Become Worse Off,and Domestic Consumers