Many countries engage in trade protection by imposing import tariffs or quotas for at least some goods. this is because: a. while such restrictions harm consumers, they benefit producers who are usually a more cohesive and politically influential group. b. economists have established that such restrictions are welfare-improving for certain categories of goods (such as raw materials). c. while such restrictions harm consumers and benefit producers, the losses to consumers are outweighed by the gains to producers. d. such restrictions tend to benefit consumers without harming producers.

One of the growers is excited by this advancement because now he can sell more crops, which he believes will increase revenue in this market. as an economics student, you can use elasticities to determine whether this change in price will lead to an increase or decrease in total revenue in this market. using the midpoint method, the price elasticity of demand for soybeans between the prices of $5 and $4 per bushel is , which means demand is between these two points. therefore, you would tell the grower that his claim is because total revenue will as a result of the technological advancement.