Price Quantity of Shoes and Consumption after Total Ban on Imports
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Consider a country that initially consumes 100 pairs of shoes per hour, all of which are imported. The price of shoes is $40 per pair before a ban on importing them is imposed. Use a graph to explain what happens to the price of shoes and the quantity of shoes consumed after a total ban on imports.
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Solution Summary
The price quantity of shoes and consumption after the total ban on imports is examined.
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