Both Tariffs and Quotas Result in Higher Prices and Lower

question 42

True/False

Both tariffs and quotas result in higher prices and lower quantities for consumers.

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Definitions:

Release

An agreement in which one party frees another from liability, claims, or demands, or the act of making a legal document publicly available.

Offeree's Silence

Generally not considered an acceptance of an offer in contract law, unless certain conditions or previous dealings imply agreement.

Acceptance

In contract law, the unconditional agreement to the terms of an offer, which once given, creates a binding contract.

Mirror Image Rule

A principle in contract law stating that an offer must be accepted exactly without modifications; any changes to the terms effectively make the acceptance a counteroffer.