If Korea imposed an import quota on US oranges, losers include Korean ___________ of oranges and...
Homework Answers
If Korea imposes an import quota on U.S. oranges, losers include Korean consumers of oranges and U.S. producers of oranges.
Ans is consumers; producers
Explanation:
If the country impose quota, the consumers of Korea are not able to import more than the quota limit ( means supply reduces of US oranges ), leads to increase the demand of oranges of Korea which result in rise in the price of domestic oranges, it means consumers are worse off as they have to pay high prices now.
On the other hand, the producers of US oranges have now less demand comparative to before quota so their sale reduces and they are worse off .
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