Import quotas on products will reduce the quantity of the imported products and

Question

Quizplus · Accepted Answer

When import quotas are implemented and the quantity of imported products is reduced, the supply of the product in the domestic market is also reduced. With reduced supply, the demand for the product will not decrease, and consumers will still purchase the same amount of the product. This leads to an increase in the price of the product due to the reduced supply and consistent demand.

Import Quotas on Products Will Reduce the Quantity of the Imported