Problem
(a) What does consumer demand theory predict will happen to the quantity demanded of a commodity if its price rises (for example, as a result of a tax) while everything else is held constant?
(b) What do you predict would happen to the quantity of imports of a commodity if its price to domestic consumers rose (for example, as a result of a tax on imports)?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.