Table 13.14 shows the output of kumquats per month.

-Domestic producers gain and domestic consumers lose as a result of the imposition of tariffs or quotas.

Question

Table 13.14 shows the output of kumquats per month.
 
-Domestic producers gain and domestic consumers lose as a result of the imposition of tariffs or quotas.

Quizplus · Accepted Answer

Tariffs or quotas on imports protect domestic industries by raising the prices of imported goods, making domestic products more competitive. This benefits domestic producers by potentially increasing their sales and market share. However, domestic consumers face higher prices and less variety, leading to a loss in consumer welfare.

Table 1314 Shows the Output of Kumquats Per Month