If a Quota Is Placed on a Good,the Domestic Price

question 107

Multiple Choice

If a quota is placed on a good,the domestic price of the good ________,domestic production of the good ________,and domestic consumption of the good ________.

• A) increases;increases;increases
• B) increases;increases;decreases
• C) increases;decreases;decreases
• D) decreases;decreases;decreases
• E) decreases;increases;increases

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Definitions:

Economic Change

Alterations in the economic conditions or environment, such as growth, recession, inflation, or changes in market demand.

Market Opportunities

Refers to favorable external factors that could help an organization to grow its market share.

Income and Wealth

Income refers to the flow of money received, typically on a regular basis, while wealth represents the accumulation of valuable resources or assets.

Cost Control

The practice of managing and monitoring expenses to keep them within the defined budget, ensuring that a project or operation remains financially viable.