Which of the following statements correctly describes the impact of a tariff on an imported product?(1 point)

Responses

The government is hurt by the revenue lost from paying the tariff.
The government is hurt by the revenue lost from paying the tariff.

Foreign producers benefit because the tariff reduces their production costs.
Foreign producers benefit because the tariff reduces their production costs.

Domestic producers are hurt because the tax raises production costs.
Domestic producers are hurt because the tax raises production costs.

Domestic consumers will have to pay higher prices for the product.
Domestic consumers will have to pay higher prices for the product.