Assume that the united states imposes an import quota on scottish wool suits. relative to the equilibrium price that would prevail in the absence of quotas, the equilibrium price of suits in the united states will most likely and the equilibrium price of suits in scotland will most likely
a) remain the same; decrease
b) remain the same; increase
c) increase; increase
d) increase; decrease
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Assume that the united states imposes an import quota on scottish wool suits. relative to the equili...
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