When developing countries establish artificially high prices for foreign producers, it is known as

Name: When developing countries establish artificially high prices for foreign producers, it is known as
Brand: Quizplus
Rating: 4.8 (48 reviews)

Question

Quizplus · Accepted Answer

This is known as import substitution, where developing countries establish high prices for foreign producers in order to encourage the growth of domestic industries that can substitute for those imports. This policy is intended to promote self-sufficiency and economic development within the country.

When Developing Countries Establish Artificially High Prices for Foreign Producers