The diagram illustrates the effect of the United States (US) introducing a tariff on steel imports in 2018. Which statement correctly describes the impact of the tariff?
- AConsumer surplus falls from P1TO to PUO.
- BDomestic output increases from OQ1 to OQ3.
- CImports fall from Q1Q4 to Q2Q3.
- DThe tax revenue raised on imports is P1YWP.