Consider the following statements:
1. Tariffs make imports less competitive in domestic market
2. Tariffs make domestic products more competitive in domestic markets
3. When a tariff is imposed on an imported product domestic producers of the product can increase their prices
Which among the above statements is / are correct?

Answer: [D] 1, 2 & 3

This question is a part of GKToday's Integrated IAS General Studies Module