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Using the provided graph and answer table, answer the following questions: Price Domestic Supply Tariff is a specific tariff Quota is a set equal b

Using the provided graph and answer table, answer the following questions:

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Price Domestic Supply Tariff is a specific tariff Quota is a set equal b to Puttariff QO - QP C e Open Economy Supply Curves: Domestic Demand Op Tariff Op QD QD Quantity Quota.Welfare effects of tariff vs. quota Answer table 1. Market with initial 2. Increase in 3. Decrease in tariff or quota domestic demand world price policy. Variable Tariff Quota Tariff Quota Tariff Quota Price to consumers Domestic consumption Domestic production Imports Consumer surplus Producer surplus Government revenue Deadweight consumption loss Deadweight production (efficiency) loss

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