Tariffs_________ the Domestic Price of the Good and Import Quotas

question 124

Multiple Choice

Tariffs_________ the domestic price of the good and import quotas _________the domestic price of the good.

• A) lower; lower
• B) lower; raise
• C) raise; raise
• D) raise; lower

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Definitions:

Partially Destroyed

Refers to an item or property that has been significantly but not completely damaged or ruined.

Void Contract

An agreement that is invalid from the outset and has no legal force or effect, making it unenforceable by law.

Cure

A breaching party’s right to provide conforming goods when nonconforming goods were initially delivered; subject to a reasonable time test.

Price Reduction

A decrease in the selling price of goods or services, often used as a strategy to increase consumer demand or clear out inventory.