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If Canada Removed the Additional Taxes It Currently Charges on French

question 197

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If Canada removed the additional taxes it currently charges on French cheese, what would happen in the Canadian market for French cheese?


Definitions:

Actual Price

The price at which a good or service is sold in the market, not taking into account discounts or premiums.

Quantity Demanded

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

Quantity Supplied

The amount of a commodity that producers are willing to sell at a particular price at a given period.

Supply

The total amount of a specific good or service that is available to consumers.

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