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Compare and contrast tariffs and equivalent quotas. Be sure to use the baseline case of stable, competitive market conditions mentioning what happens to different parts
Compare and contrast tariffs and equivalent quotas. Be sure to use the baseline case of stable, competitive market conditions mentioning what happens to different parts of welfare. Next consider outcomes with an increase (or decrease) 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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