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1. What effect does a price hike have on the total revenue of the producers? 2. Explain how does a tariff affect the domestic price
1. What effect does a price hike have on the total revenue of the producers?
2. Explain how does a tariff affect the domestic price of the import, the domestic consumption, the domestic production, and the quantity imported?
3. Use the idea of external costs to explain why some cities have laws against late-night rock concerts.
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