1. Governments sometimes provide price subsidies to spe- cific industries; that is, they reduce a domestic firm's...

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1. Governments sometimes provide price subsidies to spe- cific industries; that is, they reduce a domestic firm's costs so that they can sell products on the international market at a lower price. What reasons do governments

(and politicians) use for these government subsidies? What are the benefits and disadvantages to domestic industries in the long run? To international customers? Who would benefit and who would lose if all price sub- sidies were eliminated?

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