Country M places a tariff on steel imports. Which values of price elasticity would lead to the least fall in steel imports into M?
- Aprice elasticity of supply of domestic steel producers in country M 0.2; price elasticity of demand for steel in country M 0.4
- Bprice elasticity of supply 1.0; price elasticity of demand 0.8
- Cprice elasticity of supply 1.5; price elasticity of demand 1.0
- Dprice elasticity of supply 2.0; price elasticity of demand 1.2