A) Nil. B) $450

question 13

Multiple Choice

• A) Nil.
• B) $450.
• C) $900.
• D) $1,500.

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Definitions:

Efficiency Loss

Losses in economic efficiency that occur when equilibrium for a good or a service is not achieved or is not achievable.

Free Trade

An economic policy that allows for unrestricted import and export of goods and services between countries, devoid of tariffs, quotas, or other trade barriers.

Import Quotas

Limits set by a government on the amount or value of goods that can be imported into a country, usually meant to protect domestic industries.

Trade Restrictions

Measures imposed by governments to control the exchange of goods and services across borders, often to protect domestic industries.