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Apply the Skill Now suppose that the government is alarmed by the impact of these changes-the imports-on its domestic industries. The country imposes a tariff

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Apply the Skill Now suppose that the government is alarmed by the impact of these changes-the imports-on its domestic industries. The country imposes a tariff on imported goods that raises the price of those imports. The new situation could be graphed as shown here. MARKET WITH TARIFFS `Domestic Price World Supply O Quantity Copy the graph onto another paper and label it correctly. Write a brief description of how the domestic and world markets changed as a result of the tariffs

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