Consider what would happen if a tariff of $2000 were imposed on imported automobiles. Show the impact
Question:
Consider what would happen if a tariff of $2000 were imposed on imported automobiles. Show the impact of this tariff on the supply and the demand, and on the equilibrium price and quantity, of American automobiles. Explain why American auto companies and autoworkers often support import restraints on automobiles.
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The 2000 tariff on imported automobiles will act like a tax in that market shifting the sup...View the full answer
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