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The following table gives hypothetical data for the world corn market. Cost per Bushel of Corn (U.S. dollars) U.S. Brazil Mexico $5 $7 $9 Suppose

The following table gives hypothetical data for the world corn market.

Cost per Bushel of Corn (U.S. dollars)

U.S.

Brazil

Mexico

$5

$7

$9

Suppose Mexico initially imposes a

$5

per bushel tariff on foreign corn. In this case Mexico will import

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