After the U.S. introduces of a tariff in the market for phones, the price of phones in the U.S. will

Question

Quizplus · Accepted Answer

With the introduction of a tariff, the cost of importing phones from foreign countries will increase, making it expensive for phone companies to import their products. In order to cover their expenses, companies will raise the prices of the phones they sell in the U.S. to maintain their profit margins, resulting in an increase in the price of phones for consumers.