The effects of a tariff are:
A) reduced quantity supplied overall, reduced quantity supplied by domestic producers, and a lower price.
B) identical to the effects of a quota, except that the price of the good is higher.
C) reduced quantity supplied overall, increased quantity supplied by domestic producers, and a higher price.
D) reduced quantity supplied overall, decreased quantity supplied by domestic producers, and a lower price.
Correct Answer:
Verified
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