The following question(s)refer to the figure below,which shows the effect of a country imposing a tariff on an imported product.
Figure 17-14

-Refer to Figure 17-14.Given the tariff described in the question above,

Question

The following question(s)refer to the figure below,which shows the effect of a country imposing a tariff on an imported product.
Figure 17-14
 
-Refer to Figure 17-14.Given the tariff described in the question above,

Quizplus · Accepted Answer

The combined areas A + B + C + D represent the losses to domestic consumers from the tariff as they have to pay a higher price for the imported product. Area C represents the government's revenue from the tariff as they receive this amount as a tax. Area A represents the gain to domestic suppliers from the tariff as they can now sell their product at a higher price due to reduced competition from the imported product. Therefore, all of the above statements are true.

The Following Question(s)refer to the Figure Below,which Shows the Effect