U.S.-based industries, such as steel, automobile, and agriculture, spend a lot of money lobbying the government to

Question:

U.S.-based industries, such as steel, automobile, and agriculture, spend a lot of money lobbying the government to impose high tariffs or import quotas to block imports. Assume that the U.S. steel market is in long-run equilibrium and that high tariffs on imported steel are imposed. Explain how, if at all, your answer(s)

in Question 5 would change in this situation.

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