Tariffs often make it possible for firms to set prices on domestically priced goods well above world market levels.

Name: Tariffs often make it possible for firms to set prices on domestically priced goods well above world market levels.
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Question

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Tariffs increase the cost of imported goods, allowing domestic producers to raise their prices without being undercut by cheaper foreign competition, potentially leading to prices above world market levels.

Tariffs Often Make It Possible for Firms to Set Prices