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2. The European Union levies tariffs on the imports of many goods. a. Analyse the efficiency and welfare implications of this policy using the standard

2. The European Union levies tariffs on the imports of many goods. a. Analyse the efficiency and welfare implications of this policy using the standard com- petitive model of aggregate demand and supply for an homogeneous good. b. Identify the winners and losers from the imposition of a tariff and explain why tariffs are so pervasive if they reduce social welfare

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