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b. Suppose there is a small country that is a net importer of agricultural (food) commodities. Initially, the country was engaged in free trade until
b. Suppose there is a small country that is a net importer of agricultural (food) commodities. Initially, the country was engaged in free trade until farmers pressured the government to impose a tariff on agricultural commodities. Explain (with the help of a diagram) how the imposition of the tariff will affect consumer, producer, and the overall welfare of the country. (10 Marks)
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