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Japan wants to raise the price of rice from p' to p'' to assist its domestic rice growers. Japanese policymakers are considering two alternative policies.
Japan wants to raise the price of rice from p' to p'' to assist its domestic rice growers. Japanese policymakers are considering two alternative policies. They can apply a quota q* on foreign rice imports that will increase the domestic rice price to p''. Alternatively, they can apply a tariff t* on foreign rice that will also raise the domestic rice price to p
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