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H.M.was
Voluntary Quota
A self-imposed limit on the quantity of goods a country exports or imports.
Elasticity of Supply
A measure of how much the quantity supplied of a good changes in response to a change in the price of that good.
Price Elasticity
The degree to which the demand for a good is responsive to changes in its price.
Tax Passed
Occurs when the burden of a tax is shifted from the entity legally responsible for it to another party, such as consumers.
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