Which of the following statements are true regarding tariffs? Correct Answer (s) Tariffs allow for gains from trade with other countries. Tariffs bolster the power of monopolies by reducing competition. Tariffs lessen the influence of domestic companies. Tariffs impose high barriers to entry.

The correct answers are letters "A" and "D": Tariffs bolster the power of monopolies by reducing competition; Tariffs impose high barriers to entry.

Explanation:

Tariffs also known as Custom duties are taxes imposed on foreign goods and services. In addition to providing a country with additional revenue, tariffs offer protection to domestic producers since imported items become more expensive, allowing business at home to become more competitive with their pricing.