If the United States imposes tariffs on steel imports the:
A) demand for steel shifts to the left and lowers its market price.
B) supply of steel shifts to the right and lowers its market price.
C) supply of the imported steel shifts to the left and raises its market price.
D) demand for steel shifts to the left and raises its market price.

Question

Quizplus · Accepted Answer

When tariffs are imposed on steel imports, the supply of imported steel decreases, shifting the supply curve to the left, which typically raises the market price of steel.

If the United States Imposes Tariffs on Steel Imports The