a. In a partial equilibrium context, and with the use of diagrams, compare the economic effects arising from the imposition of an import tariff with that of an import quota?

b. Are the two effects identical? If not, in what ways do they differ? (1.5 mark)

c. What is meant by the term "tariffication"? How does this relate to the discussion on the use of import tariffs and import quotas? (1.5 marks)