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4 Tari's vs. Quotas (10 points} Compare and contrast. tariffs and equivalent quotas. Be sure to use the baseline ease of stable, competitive market conditions

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4 Tari's vs. Quotas (10 points} Compare and contrast. tariffs and equivalent quotas. Be sure to use the baseline ease of stable, competitive market conditions mentioning what happens to di'erent parts of welfare. Next consider outcomes with an inereme {or deerewe] in demand. Also consider the impact on a monopolist. Finally. what if there is a possibility for corruption? Feel free to draw a graph or make a table in addition to using sentences

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