If a nation imposes a tariff on an imported product, then the nation will experience a(n):

Question

Quizplus · Accepted Answer

When a tariff is placed on an imported product, it makes the product more expensive for consumers in the domestic market. This leads to a decrease in the total supply of the product, as fewer consumers are willing to buy it at the higher price. At the same time, since the imported product is now more expensive, consumers may choose to buy domestically-produced alternatives instead, leading to an increase in the demand for these products. Therefore, the price of the product is likely to go up due to lower supply and higher demand.

If a Nation Imposes a Tariff on an Imported Product