Import quotas are limits set by governments on the amount of specific goods that can be imported. They aim to protect domestic industries by restricting foreign competition. These quotas can lead to higher prices and lower availability of goods for consumers. While they may help local industries, they can also limit choices for consumers and result in market inefficiencies. Import quotas have been a topic of debate among economists and policymakers, with arguments for and against their effectiveness. Overall, finding a balance between protecting local industries and ensuring consumer choice is key when implementing import quotas.