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1. When a small country engages in free trade, what will be its domestic price? 2. On a diagram, where can you find an increase
1. When a small country engages in free trade, what will be its domestic price? 2. On a diagram, where can you find an increase in total surplus when a small country engages in free trade? 3. If a small country imposes a per-unit tariff on an imported product, how does this affect the world price? Please explain. 4. On a diagram, what is the deadweight (as opposed to free trade) when a small country imposes a per-unit tariff
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