The Following Are Commonly Used Arguments for Protection Against Imports

question 95

Multiple Choice

The following are commonly used arguments for protection against imports, except

• A)self-sufficiency and diversification-for-stability.
• B)protection against dumping.
• C)infant industry protection.
• D)price and profit maintenance.

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price in a specified period of time.

Increase in Demand

A shift of the demand curve to the right, indicating that consumers are willing and able to purchase more of a good or service at every price.

Supply Curve

A pictorial display indicating how the price of an item affects the quantity of the item sellers are eager to sell.

Cost of Production

The total expenses incurred in the manufacture of a product, including raw materials, labor, and overhead costs.