Import quotas and tariffs make domestic sellers better off and domestic buyers worse off.

Name: Import quotas and tariffs make domestic sellers better off and domestic buyers worse off.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Import quotas and tariffs increase the cost of foreign goods, making domestic products more competitive, thus benefiting domestic sellers by potentially increasing their sales and prices. Conversely, these measures make domestic buyers worse off because they face higher prices and less variety from foreign products.

Import Quotas and Tariffs Make Domestic Sellers Better Off and Domestic