____ Decrease the Supply of Products and Cause Higher Prices

question 24

Multiple Choice

____ decrease the supply of products and cause higher prices of imported products.

• A)Tariffs
• B)Embargos
• C)Subsidies
• D)Quotas

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Definitions:

Slope

The measure of the steepness or incline of a line, reflecting the rate of change from one point on the line to another.

Maximizing Utility

The economic principle that individuals seek to obtain the highest level of satisfaction or benefit from their consumption choices.

Irrational Choice

Making decisions that go against or do not align with the rational decision-making model, often leading to less optimal or desirable outcomes.

Parallel Shift

occurs when a graph's curve moves left or right without changing its shape, often used in reference to demand or supply curves.