24. Demonstrate the effect of the following on demand and supply in the short run and the...
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24. Demonstrate the effect of the following on demand and supply in the short run and the long run. (LO13-4)
a. Assume that a textile quota expires, reducing demand for textiles imported from Mexico. The biggest competition Mexico faces is from the Chinese textile market. Market:
Mexican textile market. (Assume this is an increasing-cost industry.)
b. The European Union harmonized all taxes, which raised taxes on French restaurants. Assume restaurants are a constant-cost industry.
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