Generally,consumers Are Not Adversely Affected by Tariffs Since Tariffs Affect

question 41

True/False

Generally,consumers are not adversely affected by tariffs since tariffs affect wholesale prices,not retail prices.

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Definitions:

Equilibrium Price

The price at which the quantity demanded by consumers equals the quantity supplied by producers, resulting in market balance.

Government

The organization or system through which a community, state, or nation is governed and regulated.

Nonprice Rationing

Nonprice rationing is the allocation of goods or services using means other than price, such as waiting times or ration coupons, especially when there are shortages.

Coupons

Vouchers entitling the holder to a discount off a particular product or service.