Assuming That U

question 195

Multiple Choice

Assuming that U.S.and French wines are substitutes in consumption,if the U.S.government imposes a quota on the amount of French wine allowed into the United States and the quota is set at a quantity below equilibrium,the price of French wine in the United States will _____ while the price of the U.S.-produced wine will _____.

• A)increase;increase
• B)increase;decrease
• C)decrease;increase
• D)decrease;decrease

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