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Generate tax revenue
Create DWL
Decrease CS
Increase PS |
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| the ability of a party, an individual, firm or country to PRODUCE MORE OF A GOOD OR SERVICE THAN COMPETITORS, using the same amount of resources. |
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| the ability of a party to produce a particular good or service at a LOWER OPPORTUNITY COST THAN ANOTHER. |
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| price of a good that prevails in the world market for that good. |
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| Is you open up the market and as a result you have a net gain then |
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| What can producers do to slow down imports? |
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Definition
Push for trade restrictions
Tariffs on imported goods. |
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| a restriction on the quantity of a good imported during a specific time period. |
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| MSB (Marginal Social Benefit) |
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| Cost is represented by the |
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