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Effect of ban on imports

1) Consider a country which initially consumes 100 pairs of shoes per hour, all of which are imported. The price of shoes is $40 per pair before a ban on importing them is imposed. describe illustrate what happens to the price of shoes and the quantity of shoes consumed after a total ban on imports.

2) Use the figure below to answer to the subsequent problem.

2415_Effect of ban on imports.jpg

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M917542

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