Reciprocal Trade Agreements Act had goal of reducing
How Reciprocal Trade Agreements Act had goal of reducing tariffs?
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1. It gave the President the power to negotiate reductions up to 50 percent if the trading partner also reduced its tariffs.
2. It included “most-favored-nation” clauses in agreements so other nations also benefit when negotiations succeeded with one particular country. For example, if the U.S. negotiated a reduction in tariffs with France, to lower American tariffs on French imports, the imports of other nations having most favored nation status, say, Sweden would also be reduced.
Assume that the equilibrium price within a perfectly competitive industry is $15 and a firm into the industry charges $21 there. Which of the given will occur: w) the firm's profits will rise. x) The firm's revenue will rise. y) The firm will not sell
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