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In March 2002, then President George W. Bush put a tariff on imported steel as a means of protecting the domestic steel industry. Draw the
In March 2002, then President George W. Bush put a tariff on imported steel as a means of protecting the domestic steel industry. Draw the supply and demand graph for this scenario. Be sure to label supply, world supply, demand, and the quantity produced domestically and demanded, both before and after the tariff is implemented. Also, label the tax revenue, the two deadweight loss triangles, and the gain to producer surplus.
(DRAW GRAPH)
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