When a nation removes restrictions on imported products we will see Multiple Choice an increase in...
When a nation removes restrictions on imported products we will see
Multiple Choice
an increase in consumer surplus and a decrease in producer surplus.
a decrease in consumer surplus and an decrease in producer surplus.
an increase in consumer surplus and an increase in producer surplus.
a decrease in consumer surplus and an increase in producer surplus.
Homework Answers
Hello,
Please find the answer below:
It leads to an increase in consumer surplus and a decrease in producer surplus.
When the restrictions are removed on imported products, then the domestic producers face more competition and they have to bring down the prices to stay competitive against the imported goods. This definately helps the consumers as they enjoy low prices but at the same time , the producers enjoy smaller surplus due to reduced selling prices.
Hope this helps. Thank you!!
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