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Homework answers / question archive / In the market for steel, what happens after a steel tariff (tax on imports) increases? A
In the market for steel, what happens after a steel tariff (tax on imports) increases?
A. demand shifts up/right
B. demand shifts down/left
C. supply shifts down/right
D. supply shifts up/left
In the market for steel, what happens after a steel tariff (tax on imports) increases? (D) supply shifts up/left. The supply curve is derived from the marginal cost of production. When there is an increase in the per-unit cost, the entire curve will shift upwards, causing the supply to decrease.
