Price. P FIGURE 9.10 Net Welfare Effects of a Tariff The colored triangles represent efficiency losses, while the rectangle represents a terms of trade gain FIGURE 9.11 Effects of an Export Subsidy An export subsidy raises prices in the exporting country while lowering them in the importing country P P e P; Quantity, Imports = efficiency loss (b + d) = terms of trade gain (e) Consider the small country case of an import quota on a graph a clearly show consumer surplus, producers surplus and quota rent. b. What is the net effect of tariff on the national welfare? c. How does the cost and benefits of a tariff change