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Suppose there is a tariff or quota on imported wines from Italy. What is the effect in the imported wine market in the US and
Suppose there is a tariff or quota on imported wines from Italy. What is the effect in the imported wine market in the US and what is the effect in the US domestic wine market? Analyze the effects on supply, demand, and price in each market. Are US consumers helped by the tariff or quota? Why or why not
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