MCQ 48 If the government imposes a tariff on imports, the subsequent rise in the market price of the imported product is likely to be greatest when: A demand is price elastic, and supply is price...

Extracted text: MCQ 48 If the government imposes a tariff on imports, the subsequent rise in the market price of the imported product is likely to be greatest when: A demand is price elastic, and supply is price inelastic demand is perfectly price elastic, and supply is price inelastic C there are many substitute goods available D both demand and supply are price elastic E I do not want to answer this question. demand is price inelastic, and supply is more price elastic