When a tariff on a product is removed, it will result in a(n):

Name: When a tariff on a product is removed, it will result in a(n):
Brand: Quizplus
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Question

Quizplus · Accepted Answer

When a tariff on a product is removed, it becomes cheaper to import the product, resulting in an increase in the supply of the product. As a result, there will be more of the product available in the market, leading to a decrease in the price. Therefore, the correct answer is C) an increase in the supply of the product and a lower price.

When a Tariff on a Product Is Removed, It Will