Which of the following statements is TRUE about the removal of trade barriers?
A) Consumers are harmed while some suppliers benefit.
B) Consumers benefit while some suppliers are harmed.
C) Everyone benefits.
D) Everyone is harmed.

Question

Quizplus · Accepted Answer

Removal of trade barriers generally leads to increased competition, which benefits consumers by reducing prices and increasing product variety. However, some domestic producers may be unable to compete with the foreign suppliers, which can lead to job losses and harm to those industries. Therefore, consumers benefit while some suppliers are harmed.

Which of the Following Statements Is TRUE About the Removal