Tariffs and import quotas both decrease the amount of a good consumed and raise the price paid by domestic residents for the good.

Name: Tariffs and import quotas both decrease the amount of a good consumed and raise the price paid by domestic residents for the good.
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Question

Quizplus · Accepted Answer

Both tariffs and import quotas restrict the supply of imported goods, leading to higher prices and reduced consumption in the domestic market.

Tariffs and Import Quotas Both Decrease the Amount of a Good