Which of the Following Groups Is Likely to Lose from Free

question 94

Multiple Choice

Which of the following groups is likely to lose from free trade?

• A)Producers of an industry that has been protected from foreign competition
• B)Consumers purchasing goods and services
• C)Firms aware of the potential gain from free trade
• D)Foreign producers buying quota rights to sell goods in the domestic market
• E)Domestic producers importing raw materials for the production of manufactured goods

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Definitions:

3-D Printers

Technology that creates three-dimensional objects from digital models by layering materials.

Explicit Costs

The direct payment costs to others in the course of running a business or undertaking an economic transaction.

Implicit Costs

Costs that represent forgone opportunities, often not directly outlaid but incurred when resources are used for one purpose over another.

Marginal Cost

captures the cost added by producing one extra item of a product, emphasizing the concept of economies of scale and efficiency in production.