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The U.S.is planning on imposing quotas on tires imported from china.Domestic retailers predict this will result in an increase in consumer prices on tires by about $10.Use a supply and demand graph with brief explanation to show the effects of an import quota.Assume the quota is binding.
Split-off Point
The stage in a process at which various products become separately identifiable and their costs can be separately assigned.
Joint Products
Two or more products that are produced from a common input.
Special Order
A one-time order that is not considered part of the company’s normal ongoing business.
Opportunity Costs
The benefits a person or business foregoes by choosing one alternative over another.
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