The United States Does Not Impose Tariffs or Quotas;however,many of Its

question 76

True/False

The United States does not impose tariffs or quotas;however,many of its trading partners do have these trade restrictions.

---

Definitions:

Demand Curve

A graphical representation showing the quantity of a good that consumers are willing and able to purchase at various prices.

Degree of Elasticity

A measure of how much the quantity demanded or supplied of a good changes in response to a change in its price.

Availability of Substitutes

The presence of alternative goods or services that consumers can use in place of another.

Inelastic

Describes a situation where the demand or supply for a good or service is not significantly altered when the price of that good or service changes.