Bans on imports,import quotas,voluntary quotas,and tariffs on goods

Question

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Bans on imports, import quotas, voluntary export restraints, and tariffs generally reduce the supply of goods in the importing country. This reduction in supply, according to the law of supply and demand, leads to a decrease in the equilibrium quantity of goods available in the market. At the same time, the reduction in supply tends to increase the prices of these goods because the reduced supply cannot meet the existing demand at the previous lower prices.

Bans on Imports,import Quotas,voluntary Quotas,and Tariffs on Goods