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Theva Priya
on Nov 17, 2024

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A tariff increases the quantity of imports and moves the market farther from its equilibrium without trade.

Tariff

A tax imposed by a government on imports or exports of goods, often used to protect domestic industries or generate revenue.

Quantity of Imports

The total amount of goods and services brought into a country from abroad for domestic consumption.

Equilibrium

A condition where the supply and demand in the market are in equilibrium, leading to stable pricing.

  • Identify the consequences of trade policies on economic well-being and market balance.
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Samyukti ThapaNov 17, 2024
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