If the US eliminates its tariffs on imported steel, US consumers would likely see domestic steel price ______ Decrease increase, and foreign demand for US steel would rise increase, then decrease after 5 years would stay the same

If the US eliminates its tariffs on imported steel, US consumers would likely see domestic steel price ______ Decrease increase, and foreign demand for US steel would rise increase, then decrease after 5 years would stay the same

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter9: Application: International Trade

Section: Chapter Questions

Problem 4CQQ

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If the US eliminates its tariffs on imported steel, US consumers would likely see domestic steel price ______

Decrease

increase, and foreign demand for US steel would rise

increase, then decrease after 5 years

would stay the same

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