The diagram below shows the demand and supply curves for refrigerators in Canada.
FIGURE 33-1
-Refer to Figure 33-1.Suppose P0 is the world price and Canada imports refrigerators.Suppose the Canadian government then responds to political pressure from domestic refrigerator manufacturers and imposes a tariff high enough that all imports are eliminated.As a result of this tariff,the price and quantity of refrigerators in Canada will be,respectively,
Definitions:
Increasing Inputs
Refers to a situation in production or economics where there is a rise in the resources used to produce goods or services.
Holding Outputs
The act of retaining finished goods or services before they are sold or delivered to the next stage of the supply chain or to customers.
Assembly Line
A manufacturing approach in which items are sequentially joined to create a finished product in an efficient way.
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