Rank the following in descending order of Home welfare and justify your answers. If two items are
Question:
Rank the following in descending order of Home welfare and justify your answers. If two items are equivalent, indicate this accordingly.
a. Tariff t in a small country with perfect competition
b. Tariff t in a small country with a Home monopoly
c. Quota with the same imports M in a small country, with a Home monopoly
d. Tariff t in a country facing a Foreign monopoly LO.1
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