If the U.S. government imposes tariffs on an imported crop that competes with a U.S.-grown crop, what
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If the U.S. government imposes tariffs on an imported crop that competes with a U.S.-grown crop, what might happen in terms of producer surplus, consumer surplus, and government revenue?
Picture a graph of average cost, marginal cost, and average variable cost. At what price points should the firm shut down? At what price points does the firm earn positive economic profits?
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