Use the following to answer questions:
Figure: Price Ceiling 
-(Figure: Price Ceiling) Refer to the figure. If a price ceiling were set at $12, there would be a:
Definitions:
Absence Of Tariffs
A scenario where there are no taxes or duties imposed on imported or exported goods, often leading to more free trade between countries.
Dumping
A protectionist strategy in which a company sells its exports to another country at a lower price than it sells the same product in its domestic market.
Domestic Market
The market within a country's borders, where goods and services are traded or sold to local customers.
Gray Market Goods
Products that are sold through unauthorized channels, which, while not illegal, bypasses the manufacturer's official distribution channels.
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