-Refer to Figure 15.2. The diagram shows that the imposition of a tariff:

Name: -Refer to Figure 15.2. The diagram shows that the imposition of a tariff:
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The imposition of a tariff on imported goods increases the cost of those goods in the domestic market. This leads to a higher domestic price for the imported goods, making them less competitive against local products. As a result, consumers are likely to buy fewer imported goods, leading to a reduction in imports.