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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

What is a major difference between the effects of a quota and the effects of a tariff?

To determine

The effects of quota and tariff.

Explanation

Both the tariff and quota are imposed as a protective measure for preventing the domestic economy from foreign competition. The difference is that tariff is imposed in terms of price, while quota is imposed in terms of quantity...

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