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The graph shown demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good. If the economy was originally operating in autarky, after moving to free trade the overall impact on surplus would be a net:
Wage-gap
is the difference in average earnings between different groups of workers, often used to discuss disparities based on gender, race, or education.
Migration Costs
Expenses and sacrifices associated with moving from one location to another, which can include monetary costs, emotional strain, and time.
Substitute Resources
Resources or inputs that can be used in place of each other in the production process.
Inelastic
Describes a situation where a change in price leads to a relatively smaller change in the quantity demanded or supplied.
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