Tariffs
A)benefit consumers by lowering prices
B)harm producers by decreasing competition in the product market
C)harm consumers by increasing the quantity of goods available
D)skew the terms of trade in favor of importing nations
E)benefit domestic producers because they can charge higher prices and sell more output

Question

Quizplus · Accepted Answer

Tariffs benefit domestic producers by reducing foreign competition, allowing them to charge higher prices and potentially sell more output.