Figure 18-C
-Refer to Figure 18-C.A tariff

Question

Figure 18-C 
-Refer to Figure 18-C.A tariff

Quizplus · Accepted Answer

Tariffs increase the cost of imported goods, making them less competitive with domestically produced goods. This benefits domestic producers because they face less competition, which can result in higher prices and profits. However, tariffs can harm consumers by raising prices and reducing consumer choice. Overall, tariffs often result in a net loss for society because the gains to domestic producers are outweighed by the losses to consumers and the overall reduction in trade.

Figure 18-C -Refer to Figure 18-C.A Tariff