The diagram below shows the demand and supply curves for refrigerators in Canada. 
FIGURE 33-1
-Refer to Figure 33-1.Suppose P0 is the world price and Canada imports refrigerators.Suppose the Canadian government then responds to political pressure from domestic refrigerator manufacturers and imposes a tariff high enough that all imports are eliminated.As a result of this tariff,the price and quantity of refrigerators in Canada will be,respectively,
Definitions:
Relevant Time Period
The specific duration during which certain actions are undertaken or conditions apply, significant for analysis or decisions.
Price Elasticity
An indicator that measures the impact of price change on the demand for a good.
Cannondale Mountain Bike
Cannondale Mountain Bike is a specific type of bicycle designed for off-road cycling, produced by the Cannondale Bicycle Corporation, known for its innovation and quality.
Bicycle
A human-powered, pedal-driven vehicle with two wheels attached to a frame, one behind the other.
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