Related to the Economics in Practice on page 675: When a country lifts a quota, imports to that country generally ________ and the price of the affected product in that country generally ________.

Question

Quizplus · Accepted Answer

When a country lifts a quota, it allows more imports to enter the country, which increases the supply of the affected product. With an increase in supply and assuming demand remains constant, the price of the product in the country generally falls, making the imported product cheaper for consumers.

Related to the Economics in Practice on Page 675: When