If the current equilibrium price for a bushel of corn is $50.00, what happens to the equilibrium price of corn if import restrictions on corn are lifted?

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asked Jun 10, 2015 61.0k views

1 Answer

Rcruz · Answer 1 · 2015-06-15T06:05:46+0000

If import restrictions only in this country are lifted, equilibrium price will be lower, as there will be more supply and demand will stay the same.