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The U.S. steel industry is shown below. P w , the world steel price, equals $20. Suppose the U.S. imposes a tariff of $10 for

The U.S. steel industry is shown below. P_w, the world steel price, equals $20. Suppose the U.S. imposes a tariff of $10 for each unit of steel sold that lowers the world steel price (P_T*) to $15.

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