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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

How does protectionism affect the price of the protected good in the domestic market?

To determine

The effect of protectionism on the price of the protected good in the domestic market.

Explanation

Protectionism refers to the policy of the government of a country restricting free trade for various purposes. Protectionism is practiced for protecting domestic producers and workers from foreign competition. It is generally followed by developing countries to shield small producers. Three major forms of protectionism are tariff barriers to trade, non-tariff barriers to trade and quota barriers. Through these policies, the government either increases the price of imports or restricts the quantity of imports from foreign countries so that domestic producers’ goods do not loose competitiveness in domestic market...

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