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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Whatever can be done by a tariff can be done by a quota. Discuss.

To determine

Distinguish between tariff and quota.

Explanation

The given statement is partially right because whatever can be done by a tariff can be done by quota, except the creation of revenue to the government. The effects of tariff and quota on price, consumers’ surplus, and producers’ surplus are the same...

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