When a country that imports a particular good imposes an import quota on that good,
A. consumer surplus increases and total surplus increases in the market for that good.
B. domestic sellers and domestic buyers become worse off.
C. the domestic quantity supplied decreases.
D. consumer surplus decreases and total surplus decreases in the market for that good.

Question

08-12-2022
Business

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When a country that imports a particular good imposes an import quota on that good,
A. consumer surplus increases and total surplus increases in the market for that good.
B. domestic sellers and domestic buyers become worse off.
C. the domestic quantity supplied decreases.
D. consumer surplus decreases and total surplus decreases in the market for that good.

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AarushiAanand AarushiAanand · Answer 1 · 2022-12-18T06:55:26+01:00

When a country that imports a particular good imposes an import quota on that good consumer surplus decreases and total surplus decreases in the market for that good.

The consumer surplus is the term which is used to measure of consumer welfare and is defined as the excess of social valuation of the products and services over the price actually paid.

The consumer surplus while taking into consideration the demand and supply curves. It is measured by the area of triangle below the demand curve and above is the observed price.

The country that imports a particular good imposes an import quota on that good by the consumer surplus decreases and total surplus decreases in the market for that good.

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