What happens to the equilibrium price and quantity when a country sets a low or medium tariff or import quota? Group of answer choices The equilibrium price and quantity will be lower than with no...

What happens to the equilibrium price and quantity when a country sets a low or medium tariff or import quota?

Group of answer choices

The equilibrium price and quantity will be lower than with no trade.

The equilibrium price and quantity will be somewhere between those that prevail with no trade and those with completely free trade.

The equilibrium price and quantity will be the same as with no trade.

The equilibrium price will be lower, and the quantity will be higher than the case with no trade.

Jun 09, 2022

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