If a nation imposes a tariff on an imported product, then the nation will experience a(n)

Name: If a nation imposes a tariff on an imported product, then the nation will experience a(n)
Brand: Quizplus
Rating: 4.9 (55 reviews)

Question

Quizplus · Accepted Answer

When a tariff is imposed on an imported product, the cost of the product increases, which leads to a decrease in supply due to decreased quantity demanded by consumers. Therefore, the price of the product increases, as the supply curve shifts leftward along the demand curve.

If a Nation Imposes a Tariff on an Imported Product