Which of the following is true?
i.When the world price of a good is lower than the price that balances domestic supply and demand, a country gains from exporting the good.
ii.Compared to a no-trade situation, imports make consumers better off.
iii.Quotas raise the domestic price of imported goods.

Question

Quizplus · Accepted Answer

Imports make consumers better off by providing goods at lower prices, and quotas raise the domestic price of imported goods by limiting supply.

Which of the Following Is True