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Draw a demand and supply diagram showing the use of a tariff by a large country in a 'successful' attempt to improve its national welfare.
Draw a demand and supply diagram showing the use of a tariff by a large country in a 'successful' attempt to improve its national welfare. That is, you must clearly, obviously and unambiguously draw your diagram so that the country has a higher level of welfare with the tariff rather than with free trade. Carefully explain your diagram.
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