A country puts in a quota limitation on the importation of cherries into their country. Cherries imported are reduced by 90% because of this quota. This is welcomed by chetry growers in this country. Indicate the consequence for each category/group a-e listed below within the country that imposed the quota on imports. (Indicate the effect with an I for increase, D for decrease, and U for un/ indeterminate from information provided) Price of imported gourmet/special cherries b. Domestic produced cherry prices for consumers C. Input costs for cherry filing and cherry pie producers Orices for consumers that purchase cherry filling and/or cherry pies Profits of cherry farmers
A country puts in a quota limitation on the importation of cherries into their country. Cherries imported are reduced by 90% because of this quota. This is welcomed by chetry growers in this country. Indicate the consequence for each category/group a-e listed below within the country that imposed the quota on imports. (Indicate the effect with an I for increase, D for decrease, and U for un/ indeterminate from information provided) Price of imported gourmet/special cherries b. Domestic produced cherry prices for consumers C. Input costs for cherry filing and cherry pie producers Orices for consumers that purchase cherry filling and/or cherry pies Profits of cherry farmers
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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