If a quota is placed on a good,the domestic price of the good ________,domestic production of the good ________,and domestic consumption of the good ________.

Question

Quizplus · Accepted Answer

A quota limits the supply of a good, leading to an increase in domestic prices. Higher prices incentivize domestic producers to increase production, but the higher prices also lead to a decrease in domestic consumption.

If a Quota Is Placed on a Good,the Domestic Price