An Import Ban Results in

question 81

Multiple Choice

An import ban results in

• A) a decrease in the supply of the product.
• B) an increase in the product's price.
• C) a decrease in the quantity of the product bought and sold.
• D) all of the above

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Definitions:

Constant Opportunity Cost

A theoretical concept where the opportunity cost of producing a good remains constant as more of the good is produced.

Decrease In Unemployment

A reduction in the number of unemployed individuals in the workforce, often indicating economic growth.

Production Possibilities Frontier

A visual depiction illustrating the highest achievable production combinations of two products or services within an economy, assuming all resources are completely and effectively used.

Shift Outward

An economic term describing the expansion of a country's production possibility frontier, indicating increased capacity to produce goods and services.