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Related to the Economics in Practice on page 667: When a country lifts a quota, imports to that country generally ________ and the price of the affected product in that country generally ________.
Service Firms
Companies that provide intangible products or services to customers.
Vertical Integration
A strategy where a company expands its operations by moving into a different level of the supply chain, usually by acquiring or establishing its own suppliers or distributors.
Specialized
Referring to a focus on a particular area or sector, often implying a high level of expertise or proficiency in that specific field.
Supply Chain
The network of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer.
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