Elucidate what happens to the price of shoes

Reference no: EM1337423

Knowledge about Microeconomics

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.

Reference no: EM1337423

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